UK Money News
10th December 2007
Credit cards 'are more efficient than storecards'
Borrowers looking for help with money as the last Christmas rush looms should opt for credit cards over store cards, it has been suggested.
Consumer personal finance commentator Which? has said that unless the balance is paid off store cards each month, they can be a very expensive way of supporting purchases.
Paul Davies, head of money research at the firm, says: "You can pay 27, 28, 29 per cent annual percentage rate (APR), whereas there are much more competitive credit cards on the market."
He added that people are becoming more aware of the difference between different personal finance products and are also growing more adept at comparing them on a like-for-like basis.
The finance news follows recent research from price comparisons site uSwitch, which claims that around 16 million Britons owe almost £2.2 billion on store cards.
Meanwhile, the average interest on those cards stands at 26 per cent.
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