UK Money News
19th February 2008
Holding multiple credit cards 'can be confusing for consumers'
Borrowers with more than one credit can find it hard to properly monitor their spending, a financial expert has warned.
James Ketchell, a spokesperson for the Consumer Credit Counselling Service accepted that there are valid reasons for holding multiple cards but warned that this can often make keeping a close eye on spending more problematic.
He advised: "There are plenty of reasons why people may have numerous cards … but it can become confusing and people really have to stay on top of their credit card spending and their finances as a whole really.
"I think people need to be careful and be aware this isn't free money.
They need to really be aware that the money they're using will have to be paid back at some point."
The warning from Mr Ketchell comes after a study from research company Datamonitor revealed that Britons hold more credit cards on average than any other country in western Europe.
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