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Do you really need your credit card?

As we covered in one of our earlier articles there seems to be a change in the UK towards debit cards rather than credit cards much to the relief of consumer groups and the government. Credit card debt in the UK has never been higher and while it is still increasing, and interest charges continue to pile up, there are hopes that increased debit card spending will continue into the New Year. But do you really need your credit card?

Perhaps the main reason why we use our credit card is so that we can retain sufficient funds on deposit until payment date in case we need emergency funding. However, many people seem to be spending the money which should be put aside for payment of credit card bills and this is only going to get worse as Christmas approaches. The bottom line is the fact that if we don't have sufficient funds on deposit in the current financial climate why on earth, unless essential, would any of us want to increase our debts?

Even if those with credit cards are able to cut back on their spending and cover minimum payments each month that would be a start. Those who keep on spending on their credit cards will be the ones who suffer in 2009 as the situation is unlikely to get any easier.

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