Crunch continues ‘but cards still used’
Despite the ongoing credit crunch, many consumers in the UK are still planning on using their credit cards to spend a great deal of cash, it has been claimed.
According to the Sainsbury's Credit Cards, an average of £305.90 will be spent by 25.78 million people this summer via plastic loans, with some looking to spend over £800.
Head of cards at Sainsbury's Finance Donald MacLoed urged consumers to ensure that the incentives for using cards are good enough.
"If you are going to use a credit card in the summer sales, it pays to use one that gives you attractive rewards that are not only easy to collect but also redeem so that you really are earning whilst you spend and getting a little back," he commented.
But 20 per cent of those polled remarked that they will not spend as much as last summer in the sales this year thanks to the impact of the credit crunch.
The chief executive of Moneynet.co.uk recently suggested that credit card debts should be repaid by consumers first.
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