Study: 5m Britons use credit cards for everyday spending
By myfinances.co.uk staff
Some 14% of consumers, or around five million people, are using credit cards to cover household bills and everyday costs like grocery shopping and fuel, a new report has claimed.
The study by moneysupermarket.com also showed that around 2.5 million Britons withdraw cash using their credit cards, which incurs total annual charges of up to £90 million.
Kevin Mountford, the comparison site's head of banking, said that when used properly, credit cards can be an integral element of household budgeting.
However, he added that it is "alarming" to see that so many people use their plastic to cover everyday costs.
"It's no bad thing to use credit cards to help manage your outgoings occasionally but over the long-term, consumers need to be careful that they don't fall into this debt trap," Mr Mountford said.
Earlier this year, moneysupermarket.com found that 28% of Britons pay with plastic at least once a week.
It also said that 26 per cent of men and 16 per cent of women own three or more credit cards.
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