Credit ratings more important in 2012

By Sarah Engle, Fri 30 Dec 2011 - Published in Credit Cards

Consumers are being urged to make sorting their credit rating their top priority in 2012 as the economic crisis is set to continue.

Many who use debit or credit cards can wind up in vast amounts of debt and with the festive season all but over people are now counting the costs of an expensive Christmas time. Insurance companies are expecting 2012 to be the "most important ever" for credit ratings.

Hannah Mercedes-Skenfield, head of credit cards at MoneySupermarket.com, has said that Brits need to make sure that their rating remains strong in the coming year.

She said: "I expect to see further innovation; contactless cards will continue to be rolled out, and we will likely see further use of mobile payment technology."

The government recently stepped in to cut the expensive transaction fees that occur when purchasing products online using a credit or debit card or booking holidays.

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