5 million people regularly use credit cards to pay their bills according to research by moneysupermarket.com. The website also found 2.5 million withdraw cash using credit cards costing a combined total of £90 million in annual charges. If you owe more than £15000 in unsecured debts like money owed on credit cards an Individual Voluntary Arrangement (IVA) is a good debt management option. You can pay a more manageable amount over 5 years before going debt free. Kevin Mountford, head of banking at moneysupermarket.com says “if you are using your card this way and not paying off the full balance each month, then you really do need to review your circumstances as this is the first sign of financial difficulty.”
5 million Brits pay bills with credit card
June 1, 2010 By
