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Consumers issued Christmas credit card warning

30/11/2007

As Christmas approaches, consumers have been warned by the financial information outfit Moneyfacts not too spend too much money on their credit cards.

Shoppers should be especially aware of the high interest rates incurred when one withdraws cash using a credit card, the organisation cautioned. Such high interest rates could lead to large amounts of credit card debt.

When one buys gift vouchers, this is often regarded as withdrawing cash, Samantha Owens of Moneyfacts stated.

She said: "It`s all really down to sensible spending - if people are going to be spending on their credit card and going over their limit ... that is something they always should avoid.

"I suppose the [change] that might affect everyone is the fact that rates have been going up, so if they`ve spent a little bit more at Christmas they may not be able to pay off their balance in full."

In the two months leading up to November, a full 69 cards raised their cash withdrawal fees, according to Moneyfacts.

Britons are set to spend up to £35 billion over the holidays, the consumer advice group Which? revealed earlier this year.

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