Credit card use suits many consumers' needs. A young professional has told of recent changes she has made to her credit card spending, as part of her attempt to improve the sustainability of her finances.
Speaking to the Times newspaper, freelance stylist Maya Oakley said that she was looking to reduce her £3,000 card balance and would only spend within her means in future.
However, she also pointed out that credit cards still represented a good option for her individual financial needs.
"Being a freelance[r], having the debt on a credit card is good for me, as I can pay off more in the months when I earn more," she commented.
Recent analysis from David Black, a banking specialist at Defaqto, also highlighted the adaptable nature of credit cards and their usefulness in a crisis.
"When the boiler breaks down or you are hit with an unexpected bill for your car there is little to quickly rival the flexibility of the credit card," the expert told the BBC.
Figures released by the Bank of England yesterday (November 30th) showed that net UK credit card borrowing rose by £134m during October 2009.
Speaking to the Times newspaper, freelance stylist Maya Oakley said that she was looking to reduce her £3,000 card balance and would only spend within her means in future.
However, she also pointed out that credit cards still represented a good option for her individual financial needs.
"Being a freelance[r], having the debt on a credit card is good for me, as I can pay off more in the months when I earn more," she commented.
Recent analysis from David Black, a banking specialist at Defaqto, also highlighted the adaptable nature of credit cards and their usefulness in a crisis.
"When the boiler breaks down or you are hit with an unexpected bill for your car there is little to quickly rival the flexibility of the credit card," the expert told the BBC.
Figures released by the Bank of England yesterday (November 30th) showed that net UK credit card borrowing rose by £134m during October 2009.
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