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Borrowers warned over holding multiple credit cards

Consumers who hold multiple credit cards often experience problems monitoring their spending, a credit expert has warned. James Ketchell said that the reasons people hold more than one card are varied, with many having "one for work…one which has got a transfer balance on it with a low interest rate and then another for purchases". However, the difficulty of keeping an eye on spending and repayments across several cards means that many risk becoming confused and going to debt. Mr Ketchell warned: "We've become very used to taking credit out as a means of purchasing things. But I think now people are realising … that this is real money and it has to be paid back."News of Mr Ketchell's comments comes a recent from Datamonitor showed that Britons hold plastic cards than any other country in Western Europe. The average Briton currently holds 2.4 credit and debit cards, - more than twice the level of any other nation.

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