LONDON, November 26, 2015 /PRNewswire/ --
As the festive season gets into full swing, UK consumer spending is expected to soar because much of the nation spends this time of year buying presents for their nearest and dearests.
In light of this and as part of its credit education initiative, MyCreditMonitor is issuing tips on when consumers should use a credit card on Black Friday and Cyber Monday to make purchases - regardless of whether they shop on the high street or online.
One of the main reasons behind this guidance is to encourage UK consumers to think about whether they have the financial means to afford using a credit card.
In other words, can the consumer pay back the money borrowed through a credit card - or not? If the answer is in the negative, then this is where problems, such as defaulting on credit repayments may arise. This could, in turn, lead to a drop in consumer credit scores.
The other reason is to help consumers take preventative measures to minimise the risk on becoming victims of internet fraud and identity theft.
Sati Dhanjal, Vice President of MyCreditMonitor, says: "If you are thinking of making the most of the deals and offers from retailers and service providers, then you might want to consider two factors:
1. Do you have money set aside to spend on festive deals?
2. If you are thinking of using a credit card, do you have the means to pay off the credit (including any additional interest charges)?
You see the entire basis on which credit cards work is trust. The lender has to trust you to return the money that you borrow from them by a time and method that you both mutually consent to.
We think it would be in your best interests to check what your credit score is currently so that you can get an idea of the kind of credit card deals that you may be eligible for."
So, if your credit score is low, you may wish to improve this before seeking out such credit card deals.
For more information, please visit: http://www.MyCreditMonitor.co.uk
Content Marketing Executive, MyCreditMonitor