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Friday, 19 September 2008 |
By Peter Kenny
 Brits have become known as a nation of credit card lovers, and a number of recent reports have revealed that many British borrowers have their purses or wallets filled with plastic cards, with some carrying three, four, even five credit cards on them at any one time. The UK's personal debt mountain reflects just how reliant the nation has become on finance such as credit cards over the years, and this is also reflected by the number of people that have found themselves buried up to the neck in credit card debt.
The one thing that you have to remember about credit cards is that the interest rates charged, and the various fees that are applied, can be very high, which is why it can take so long and be so expensive to pay off this sort of debt if you are making only small repayments on the cards each month. Many people may be planning to switch their expensive credit card debts to a low interest or interest free balance transfer credit card, but it is important to remember that switching cards has |
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Last Updated ( Friday, 19 September 2008 )
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