By Elliot Wright, 16th February 2010
Over 14 million Brits are using their credit cards to fund day
to day living, according to moneysupermarket.com.
Research by the price comparison site shows that over 40% of
credit card holders use their cards to buy everyday items such as
food and petrol and is warning people that such use can be
"dangerous".
Peter Harrison, credit cards expert at moneysupermarket.com,
said: "It's alarming to see that so many people are using credit to
pay for day to day expenses as this can be a dangerous habit to get
into. If you are funding everyday items such as petrol or food, and
still paying for it long after the product has been used, you
should seriously consider stopping."
The research also reveals some surprising discrepancies between
men and women in the way they use plastic. 26% of men have three or
more credit cards compared to just 16% of women. While a third of
women don't have a credit card at all, compared to a quarter of
men.
The most popular use of credit cards is to
purchase goods online, with more than 56% of credit card holders
using their card for this purpose.
Only half of all female credit card holders use their card more
than once a month, but half the men use theirs on a weekly
basis.
Peter Harrison continued: "There is a national stereotype of a
woman maxing out her credit card on bags and shoes, but our
research shows that men are consistently more reliant on credit
cards than women. It also shows that women are savvier when
shopping for credit, with more women choosing their credit card
based on the incentives offered."
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