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According to research conducted by moneysupermarket.com, one in five Brits carries in excess of three credit cards.Furthermore, the price comparison website’s research uncovered that 17 percent of credit card holders utilise their credit card at least once a day, whilst 28 percent utilise their card at least once a week.

In relation to the types of purchases made, it was found that 56 percent of credit card holders utilise them to buy goods online, whilst 40 percent utilise them to finance everyday expenses.  Nevertheless, moneysupermarket.com discovered that consumers are ‘savvy’ with regard to ‘making their plastic work hard for them’.  The research showed that 25 percent make use of their credit cards in order to gain reward points, and 11 percent do so for cashback and zero percent purchases.

Findings show that 26 percent of men have a minimum of three credit cards, compared to just 16 percent of women.  In fact, a third of women reportedly do not possess a single credit card, whereas this is the case for a quarter of men.  What’s more, just 49 percent of female credit card holders reportedly utilise their credit cards more than once a month, whilst 49 percent of male credit card holders make such purchases on a weekly basis.

It would seem that those over the age of 70 are likely to possess the greatest number of credit cards, with 27 percent possessing more than two cards compared to the national average of 20 percent.  However, amongst this group, it was found that one in four make credit card purchases everyday compared to 31 percent of those under the age of 20.

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Homeowners who are faced with several credit card bills each month could consider taking out a secured loan to tie these commitments up into one manageable monthly repayment.  One of many finance options, a secured loan for debt consolidation could eliminate the need to juggle multiple, confusing credit card bills – whilst potentially leaving borrowers with more money each month.  However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.

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