Church of England warns against credit cards

18/11/2009

The Church of England has advised customers not to use credit cards this Christmas in order to avoid building up further debt problems for the future.

New advice from the church's national stewardship officer Dr John Preston suggests that cash is a more "affordable" way of paying for goods and services.

The Church of England has now launched online help for members of the public, including special vidcasts, to provide guidance on festive budgeting.

Credit card spending can prove more costly for customers over the long term, as most purchases carry a typical interest rate of over 15 per cent.

Zero per cent credit cards offering interest-free purchases have also become more difficult to get hold of in the recession.

Dr Preston said: "Planning for an affordable Christmas starts now.

"These videocasts and the accompanying spreadsheet are the ideal way to get on top of your spending - so that you can have a wonderful, and yet affordable, Christmas."

Commenting on the Church's guidance, EuroDebt director Kevin Still said: "Whilst the advice may be rather simplistic and not take account of cheaper buying channels like the Internet or purchase protection afforded by most credit cards, the underlying message is budget effectively at traditional times of high expenditure. Plan ahead and avoid storing up future financial problems.

"For people with money worries and limited disposable income this is especially true. Seek professional advice early and don’t borrow more to pay existing credit commitments."

Tags; Budgeting Advice, Retirement Money Problems, Credit Card Lifestyle, Recent Graduate Debt,

Regional Debt Advice; Debt Advice Preston,

• Share
• 
• 
• Store
• 
• Follow
•