Credit Card Borrowning On The Increase
Wednesday, 20th January 2010
More people are being encouraged to resort to thier credit cards for borrowing money.
Many credit card companies are offering very low monthly repayments to their customers however they are not advertising the length of time it would take to clear the balance. This is putting alot of people in a lifetime of debt which is not made clear to them at the time.
An example of this is with one credit card company: If you had a £1000 debt and made only the minium monthly repayments it would take over 20 years to clear the balance!
A credit card maybe be good for a short term loan however not for the long haul!
An example of this is with one credit card company: If you had a £1000 debt and made only the minium monthly repayments it would take over 20 years to clear the balance!
A credit card maybe be good for a short term loan however not for the long haul!
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