Having multiple credit cards ‘can be confusing’

Having a number of different credit cards can be “confusing” for spenders, claims a consumer guidance charity.

The Consumer Credit Counselling Service (CCCS) said that there are many reasons for people having more than one card – plastic may be used for work, one could have a transfer balance with a low interest rate and another one could be used for purchases.

However, James Ketchell, spokesperson for the CCCS, said: “It can become confusing and people have to really stay on top of their credit card spending and finances as a whole”.

He adds that in the UK, the economic model is similar to the US more than Europe due to the ease with which credit can be obtained when making purchases.

According to a report by Datamonitor, the average Briton held 1.4 credit cards at the end of 2006.

This figure is twice as many as second place Norway, while the UK has the highest number of payment cards overall – 2.8 credit or debit cards each.

Tags: europe, charity, Debit cards, US, different credit cards, consumer guidance charity, Debit card, Credit card