As all drivers will know the cost of petrol and diesel has rocketed over recent months, and the cost of filling up a tank has soared. As a result of this many people have had to resort to using their credit cards to pay for fuel at petrol stations because they cannot afford to do anything else, and this has sparked concerns about the knock on effect that this will have on consumer debt levels.

Daily living costs have soared in many areas recently, yet many people have seen their pay either frozen or reduced because of the recession and the financial climate, which has left most struggling to cope with the rise in the cost of living. Many people are not only paying for their fuel with their credit cards but are also now meeting other essential living costs with their cards. Many are unable to make much more than the minimum repayment after using their cards to this degree and will come to a point where they have maxed out their card and have massive debts to pay as well as still having to find a way to meet the cost of living.

One official said: “With inflation hitting 4.4 per cent last month, it’s not surprising that many families need to resort to using their credit cards for more and more living expenses. But we believe this does highlight just how important it is to keep on top of credit commitments overall.”

Many paying for fuel with credit cards is a post from: Credit Cards Bureau

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However, for one reason or another there are many people that mess up with their monthly repayments. Some make the payment late inadvertently whereas others sometimes forget to make the payment at all. In both cases this can results in fees and charges being applied by the credit card provider, which can bump up the amount owed on the card. In addition to this it can result in the cardholder’s credit file and credit score being adversely affected because the provider logs the fact that payment was made late or missed altogether.

With today’s busy pace of life many miss or make late payments because they simply forget to make the payment on or before the date required. There are others who do make a payment but fail to meet the minimum repayments because they do not realise how much they need to pay.

According to officials there is one way around this and that is to set up a direct debit to make repayments on the credit card. Doing this can help people to avoid missed or late payments and will ensure that each month at least the minimum repayment is met. This will help consumers to avoid the various charges that are applied by credit card providers and help to ensure that they keep their credit file in check.

Prevent missed and late payments on credit cards is a post from: Credit Cards Bureau

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The survey was carried out by Bright Grey and showed that one in five people living alone were using credit cards and loans to fund their lifestyles. Another one in six people living alone said that they were using their overdraft facility in order to keep up a particular lifestyle. In total around 17 percent of single people living alone said that they regularly overspent each month. Out of these 25 percent said that they overspent because they were paying out money to maintain an enjoyable lifestyle.

The average monthly take home pay for someone that lived alone was £1267 but singles have been saying that they need around 25 percent more than this to maintain their lifestyles, which would equate to an average £1594. The survey results showed that 35 percent of those polled felt that they had to spend money whilst 24 percent said that they did it because they enjoyed it.

A spokesperson for Bright Grey said: ‘There is a real concern that, for many people, high mortgage and rental prices can mean that spending choices are limited. Yet more worryingly, it seems that the average salary is far too short for some, who just can’t help but overspend in order to maintain their existing lifestyle.’

One fifth of singles use credit cards and loans to fund lifestyle is a post from: Credit Cards Bureau

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It was February 14^th 2006 when the official changeover to the secure Ship and PIN system took place in the UK, and now there are over 140 million credit and debit cards using this technology in the UK. It is thought that Chip and PIN technology has helped to reduce credit card and debit card fraud, providing consumers with a convenient, simple, and more secure way of making plastic card transactions.

The UK is said to be the first place to roll out the global version of this technology, and these days many people use the Chip and PIN technology to make all sorts or purchases. The roll out of the technology in other countries, which is now increasing, has also helped to cut down on debit card and credit card fraud for UK consumers using their cards abroad according to the UK Cards Association. This is very comforting for people given the concerns that many have about becoming victims of this sort of crime.

One industry official said: “The UK was the first country in the world to fully rollout this global version of chip and pin, demonstrating our commitment to embrace innovation for the benefit of our customers. Five years on and cards continue to be an increasingly popular way to pay, whether at home or abroad, which is no surprise given the fact that they allow us to pay for things safely, easily and conveniently.”

Chip and PIN celebrated on Valentine’s Day is a post from: Credit Cards Bureau

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These cards do not require any signature for payment and no PIN is required. The card is simply tapped against a special reader, and payment is then automatically deducted from the cardholder’s account. Many believe that the cards offer increased convenience and ease, making things faster and easier for both the customer and for retailers, who can deal with small transactions quickly and cut down queues.

However, there are concerns that these contactless payment cards are now being pushed onto consumers, with some of the biggest providers in the country now forcing them onto their customers. It is thought that other providers will follow suit. Amongst the providers whose cards are now all contactless versions are Barclay’s, MBNA, and Virgin Money.

Some customers are concerned about security, because there is no need to proof of identity, signature, or PIN for transactions that are under £15. According to reports there is a safety procedure built into the card, which will only allow a number of transactions to be made within a certain period to a maximum of £50 before a PIN is requested. However, many consumers are far from convinced by this feature.

One customer who was not happy about her Barclaycard being changed to a contactless model said: ‘These cards make theft so much easier and card theft more attractive. I have objected strongly to Barclaycard, who say there is no alternative card but that I could pay a fee to protect my card.’

Some consumers forced to have contactless cards is a post from: Credit Cards Bureau

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The data comes from Shelter, the housing charity, and the group said that the situation was unsustainable and that households were facing a daily struggle in order to make ends meet and make payments on their properties, whether it was rent or mortgage repayments. The data from Shelter showed that there had been a 2 percent increase in the number of people that had used a credit card to make payments on mortgages and rent last year compared to the previous two years, with 4 percent doing this in 2088 and 2009 but 6 percent doing it in 2010.

However, officials are concerned that not only does this indicate that people are still struggling enormously when it comes to paying for their home, but also that they will end up paying a fortune for borrowing on a credit card in order to pay off another debt.

One finance industry official said: ‘Taking out cash on a credit card should be seen as a last resort. It is an expensive way to borrow. If you need cash, you could look at alternative forms of borrowing such as personal loans, which currently have cheaper rates than the majority of cash rates on credit cards.’

Shelter added: ‘This is a totally unsustainable situation. It is one we fear could see thousands more pushed into the spiral of debt, eviction or repossession and ultimately homelessness. Using credit cards to pay the rent or mortgage is simply robbing Peter to pay Paul. It is the worst possible course of action.’

Millions pay mortgage and rent with credit card is a post from: Credit Cards Bureau

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Many High Street retail giants have a big push on store cards at this time of year, when people are buying for themselves and for others. Sales staff in the shops are given incentives to sell these cards, and they will try to entice shoppers by offering on the spot discounts on purchases that they are making.

However, officials are warning women to steer clear of store cards to make purchases over the festive season, as these cards charge an astonishing rate of interest with some charging close to 30 percent. This means that consumers with debt of just £500 who pay the minimum amount required each month would spend over ten years repaying the debt and would pay over £500 in interest.

Figures have shown that three times more single women struggle with store card debt than single men, and although store cards are a very expensive form of borrowing there are still nearly 13 million cards in circulation with over £2 billion spent on them in the last year alone.

One financial expert said: ‘Customers who repay only the minimum amount on store cards could end up paying twice the price and still be repaying the debt in a decade’s time. Do not touch store cards unless you can afford to pay off the balance in full every month.’

Women urged to steer clear of store cards is a post from: Credit Cards Bureau

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Figures that were released recently have suggested that more than 50 percent of consumers are planning to use their credit cards to pay for Christmas. However, worryingly many of those planning to use credit cards to fund Christmas have not even finished paying off the debt that they accrued last year, which means that they will simply be adding to their debt.

The figures showed that 55 percent of consumers were planning to use their credit cards to pay for Christmas, and a further 3 percent said that they would be taking out a loan to pay for their Christmas purchases. However, 24 percent of consumers said that they do not want to get into debt, and will therefore pay for Christmas by using their savings.

The survey was carried out by ConsumerIntelligence.com. Officials said that the number of people planning to put Christmas on credit had shot up from the 14 percent seen doing this last year, 34 percent of whom are still trying to clear this debt.

ConsumerIntelligence MD, Ian Hughes, said: “Christmas is only one day in the year but the financial effects appear to last all year for a substantial number of adults. Around 14% of adults got into debt as a result of Christmas spending last year and many are still paying for that.”

Many plan to use credit cards for Christmas is a post from: Credit Cards Bureau

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However, whilst shopping online with your credit card offers all of these benefits it can also result in increased risk of fraud for those that are not careful and vigilant when using their credit cards online. Many people that do not exercise adequate caution when making credit card purchases online become the victims of credit card fraud, and this is something that industry officials are hoping to cut back on this year.

The UK Cards Association has now decided to try and help consumers to be more careful online, and has launched its Be Card Smart Online campaign, which is aimed at helping people to stay safer when using their cards online through the provision of sound advice. Amongst the advice that the UK Cards Association is offer as part of the campaign is for consumers to ensure that they check that website are secure with the padlock symbol, to make sure that their anti-virus software is up to date, and to make sure that they use their browser to access websites rather than linking through an email.

An official from the UK Cards Association said: “Our Be Card Smart Online campaign has definitely played its part in driving down online fraud losses and we urge anyone planning to shop online this Christmas to remind themselves of our common sense advice.”

Be Card Smart Online campaign launched is a post from: Credit Cards Bureau

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Leading the way in this new innovative way of shopping is Barclays, Barclaycard who have over 5 million contactless enabled credit cards in the U.K. at the present time. It all started in 2007 with Barclaycard introducing the One Pluse, making life easier for many of its customers.

Caffe Nero, one of the largest coffee retailers trailed the contactless concept in December 2008 in central London and completed the roll out across all their stores by October 2009. Managing Director of Caffe Nero, Jonathan Hart, says “We have had very positive feedback from our customers since our decision to trial contactless in December 2008. The rollout across our entire network will give our customers a choice of ways to pay which we hope will enhance their experience with us.”

Another company to roll out this concept is Pret a Manger, who have also successfully roll out the product throughout its 199 shops. Head of I.T. at Pret a Manger , Simon Kerry, said “As a high street food chain, our busiest times are during the morning and lunch time rush hour. These are the best times to pay with contactless as it cuts down on the amount of time that our customers will spend queuing in store. We are pleased our customers have embraced the technology and hope to see an increase of payment via contactless in the next year.”

These are only two of the big names who have rollout this concept, taking contactless payment product with Barclaycard to 20,000 outlets.

Amer Sajed, Chief Executive of Barclaycard UK, Business and International at Barclaycard, comments: “Five million contactless payment cards issued is a significant milestone on the journey of how people will pay for goods and services in the future. Together with Barclays we continue to rollout contactless technology across our card portfolio as we believe it is the future of payments. Consumer feedback highlights the increasing demand for contactless payment and we expect to see more retailers follow Caffe Nero and Pret A Manger and sign up to contactless in the near future.”

The Rise Of Contactless Credit Cards is a post from: Credit Cards Bureau

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