The high rate of interest associated with some credit cards could trigger a reduction in the amount people use them this Christmas and in the future.This is according to Lovemoney.co.uk's head of consumer finance Ed Bowsher, who stated the financial crisis – brought about by the banking collapse – is starting to have a "big impact".Mr Bowsher said consumers are beginning to realise that debt is very prohibitive to people's quality of life and some individuals may take years to repay what they currently owe to banks and credit providers.People can reduce the amount they spend by only purchasing products that are essential, the expert added, and he told people to plan what they need to buy before they embark on a shopping trip as this could mean they are less likely to waste money on unneeded items.Recent research from MoneySupermarket.com found that if people spend £500 on a typical credit card this Christmas they could still be repaying it in 2023.Jennifer HainesJennifer's speciality knowledge is credit card changes and balance transfers.
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