Credit Card Customers Learn Tough Lesson

It has been a tough couple of years for many of us. With much belt tightening and penny pinching; we are all slowly coming round to realise the true value of money.

Consumers will have learned how to manage financial products such as credit cards better during the recession, one expert has said.

According to impartial online and phone-based comparison, nearly two thirds of Brits are now paying greater attention to how they spend money.

A survey by leading Investment company revealed that women are more likely to know their precise financial situation, such as how much they owe on a credit card, with 50 per cent sure of the exact amounts they have racked up on plastic.

In comparison only 41 per cent of men knew these figures, potentially making them more prone to mismanaging debt.

A personal finance expert has said that the recession should have taught consumers that "every penny should really count".

"The fact remains that we don’t know how long the economic climate will continue operating at its current level so this is no time to be complacent," she advised credit card customers.

Earlier this year it was revealed that 38 million consumers plan to change their financial behaviour after living through the hardships of the recession.
According to research conducted by an online comparison company, seven million say they will save more and spend less, while one in five have vowed to cut back on frivolous non-essentials.

It has been stressed that with high unemployment levels some people are struggling to manage household bills and get by, making it all the more important to have the right financial products in place.

Consumers really do need to take action and an easy place to start is to make sure they are getting the best deal from all of their providers, from energy to credit cards right down to current accounts.

If you would like to know more about debt why not ask AnswerBank Business and Finance.