Beating credit addictions
With Christmas sales figures breaking records this year, some people may be asking themselves whether their desire to splurge on credit cards is becoming a problem.
And according to NineMSN, one of the first questions people should ask themselves in working out whether they need to cut back on splashing out is whether they could stop going on shopping sprees if they had to.
Alan Marlatt, PhD, director of the Addictive Behaviours Research Center at the University of Washington, has explained that many people could find it difficult to do so because addictive behaviours are instantly gratifying and leave people wanting more.
However, the website warned that when it comes to credit cards, people could find their compulsive buying lands them in hot water as they pay over the odds in interest.
“If your rate is greater than 11.5 or 12 per cent, then it’s worth looking at transferring to a lower rate credit card,” one expert advised in an interview with the Sunday Telegraph.
Those who are on the hunt for cheap credit cards may find that there are more on the market in the coming months, with some experts predicting that the base rate will come down further.