Credit card users in the UK need to seek out the best deals available to them before entering into a particular lending agreement, one expert has asserted.
Robin Amlot, senior editor at the Money Extra financial news firm, insists that unless consumers find a competitive credit card deal, they “might as well just stand on a street corner tearing up fivers”.
Mr Amlot’s comments come after the Royal Bank of Scotland group decided to reduce the length of the interest-free period on its credit card deals, which he suggests is effectively a stealth charge that could be costly for people dealing with credit card debt.
“If the due date for payment is brought forward, then potentially the credit card company is making more money and certainly they are exposing themselves to less risk,” said Mr Amlot.
“I would always advise people to shop around and look for the best deals for themselves,” he added.
Britain’s overall credit card debt burden is set to increase by more than £11 billion over the course of this month, according to Apacs, the UK’s payments association.