Jump to content
House Price Crash Forum
Sign in to follow this  
I ♥ spreadsheets

Oops, Credit Needed To Buy Food...

Recommended Posts

It suggests the equivalent of five million households used credit cards, overdrafts or savings to buy food.

Using a credit card does not necessarily mean your couldn't afford to pay cash.

http://www.theukcardsassociation.org.uk/myths/repayments.asp

Most people (around 60%) pay-off their balance in full each month

So, even if all of those 5M were using credit cards, that's only about 2M of them who are actually borrowing in any sense most people would recognize.

More sloppy journalism from Which and the BBC.

Share this post


Link to post
Share on other sites

Using a credit card does not necessarily mean your couldn't afford to pay cash.

Correct. If you wanted to improve your credit rating you could shop at your local supermarket using your credit card and pay of the balance every month.

Then again it is the BBC.....seems that they cannot stop themselves manipulating every story, every set of figures.

Share this post


Link to post
Share on other sites

Why is it borrow to pay for food?.....why not rent/mortgage or fuel, water, gas or clothes.... :unsure:

'Cos that's not the headline :wacko:

I guess I'm one of those who 'borrows' to pay for food, since I usually use a creditcard in a supermarket or restaurant. It's just like using the debitcard, but with the added bonus of cashback :)

Share this post


Link to post
Share on other sites

'Cos that's not the headline :wacko:

I guess I'm one of those who 'borrows' to pay for food, since I usually use a creditcard in a supermarket or restaurant. It's just like using the debitcard, but with the added bonus of cashback :)

Putting money onto a credit card and paying it in full a few days later is not borrowing money....it is being sensible and managing your money to make the most out of it.

If someone is spending more each month on essentials than they get in each month....that is borrowing because they can't pay the credit card back in full, they pay the minimum payment. ;)

Share this post


Link to post
Share on other sites

I did for 2 reasons:

1. I get cashback on my credit card so by using credit, then direct debiting to pay it off at month end, I effectively get a small discount.

2. My cash that would be used for food then earns a small amount of interest over that month.

Only small amounts but as one supermarket says Every Little Helps.

Share this post


Link to post
Share on other sites

It's weird how in a financial crisis loads of people suddenly become stupid- they stupidly can't afford to pay their energy bills, their food bills and their rents.

Have I stumbled across a genuine insight here- that financial crisis are in fact caused by a mass outbreak of stupidity amongst the population?

Share this post


Link to post
Share on other sites

Thing is, this is from the results of a survey so I guess it depends how the survey was worded.

Like many here, I put all my monthly spend on a credit card and pay it off in full a month later, accumulating cash back at the same time.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 245 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.