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Consumers `savvy` regarding credit card charges

06/06/2007

Consumers are becoming more aware of the possibility of accumulating debt by taking money out on their credit card, according to Apacs.

Mark Bowerman, public relations manager for the UK trade association, said that withdrawals at cash machines using credit cards decreased in 2006, which correlated with an increase in the use of debit cards for this purpose.

This suggests that people are learning that credit cards usually have more expensive rates for cash withdrawals, he said.

Regarding the question of whether to take out an overdraft on a debit or credit card, Mr Bowerman remarked that each option should be weighed before making a decision.

"It`s horses for courses; you need to shop around and work out what the best deal is for you," he commented.

"It`s about familiarising yourself with all your options and making the correct financial choice accordingly."

In related news, research from Money Expert recently revealed that the average APR for unpaid balances from credit card cash withdrawals rose two per cent since November 2006.

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