An investigation organized by Egg says consumers have greatly underestimated the amount that credit cards are used throughout the United Kingdom, what this means is consumers are spending a lot more than they think. The investigation revealed that when consumers thought they had spent was 236billion was in fact 437 billion, some difference!
How come there is such a big difference?
Well most of us usually pay for everything with the plastic card and find it hard to keep track of what we spend.
Most people have more than one credit card and a lot of them transfer their balances from time to time to get the best interest rate, so when you are working with two or more credit cards its easy to miscalculate how much youre spending, and with so many different payment options for you to choose from you can see how there can be such a difference in what we spend, over 200billion! scary or what?
Another question you have to ask is, if we do not know what is in our accounts how do we know we are not getting ripped off?
Six out of ten consumers didnt know how much was in their accounts so money could be taken out and they would have no...
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