Student finance customers should beware credit card impact

Wed, 10 Aug 2011

Young people worried about student finance should be wary of using their credit cards, it has been claimed.

Recent advice from moneysupermarket.com stated that people should consider the impact of their spending whenever they use their plastic.

Data from the website's research showed that approximately a third (35 per cent) of credit card users think about how it will affect their finances every time they purchase something.

Meanwhile, 29 per cent claim they would only consider the impact of spending if it was more than £100.

The average amount men spend before worrying about the repercussions is higher than the number for women at £182, compared to £105 for females.

"Using a credit card is a convenient way to pay for every day goods, however it is easy for consumers to lose track of what they are spending, which could have potentially disastrous consequences," warned head of banking Kevin Mountford.

"It's worrying to see that only a third of credit card customers are always aware of the impact purchases have on their finances, but even more so that so many feel they only need to pay attention when spending over £100."

Student finance is likely to be a big issue over the coming weeks as young people prepare to start the academic year.
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