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In the past, switching bank accounts would have been a struggle or, at the very least, an inconvenience. And, there was always a danger of missing crucial payments like council tax or mortgages. This all changed with legislation introduced in September 2013.
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As a nation, our use of credit cards currently shows no sign of waning. As of January 2023, an estimated 58.7 million credit cards were in circulation, according to Finder.com. And £18.8 billion was spent in the same month, an increase from the £16 billion spent in January 2022.
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Statistics show we are frequent travellers. According to the Office for National Statistics, just in the first quarter of 2023, 15.3 million visits were made abroad, and £5.6 billion was spent overseas. However, many holidaymakers are being caught out by hidden card fees.
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The advantages of bank accounts have been drilled into us since childhood, whether by well-meaning parents setting one up on our behalf, personal finance lessons at school, or even popular culture through tv shows and movies. And yet, with so many different types of bank accounts, it can be confusing deciding what will serve us best.
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Credit cards work a little differently from debit cards. Instead of using the money you already have saved in your bank account, the money you pay with when you use a credit card is effectively borrowed. You run up a bill throughout the month, much like you might run up a tab during an evening at a restaurant. Typically, most credit cards will give you around a month to pay back what you have used. However, if you fail to do so, you will be charged interest.
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Losing your phone can send you into a frenzy of panic and worry - most of us have been there. However, panicking can make it harder to think and focus. The first step is to recover your phone quickly and think back to when you last had it to see if it is still there. You need a clear head to find your phone, so try not to panic excessively.
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As far as credit cards are concerned, a lot has changed since Macaulay Culkin memorably checked into New York’s Plaza Hotel on his dad’s plastic in Home Alone 2: “I’d like a hotel room please, with an extra large bed, a TV, and one of those little refrigerators you have to open with a key. Credit card? You got it.” However, the basic concept remains the same.
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