Credit cards 'can be used during credit crunch'

Wed 16 Apr 2008 - Published in Credit Cards

People who have been using their credit cards wisely have nothing to be concerned about with regards to the credit crunch, it has been claimed.

While recent research from Citizens Advice has suggested that record numbers of people are now seeking help with their finances, those that use credit cards wisely should not need to worry, an expert has said.

"Credit cards offer a lot of protection with making purchases, so if you're the kind of person who's been managing their money perfectly well up until now then there's not reason why you shouldn't continue," said the head of personal finance at Moneyfacts, Samantha Owens.

She added that it is best to clear the balance each month so that high levels of interest cannot build up.

A study conducted by the Co-operative financial services earlier this year found that some 80 per cent of people in the country are worried about their debt levels.

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