Midlands Credit Union Issues Advice Following Credit Card Survey

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The Irish League of Credit Unions revealed two thirds of people don't know their credit card interest rates.

Do not use a credit card for cash advances.

That's the warning from the CEO of Athlone Credit Union, Michael Evans, following the release of a new survey which found two thirds of people don't know their credit card interest rates.

24% believe they pay 5% or less while 1 in three believe they pay between 18-24% interest.

The survey also shows the majority of purchases made using credit cards this year will be ad-hoc monthly ones, while 12 per cent will use credit cards for holidays. 

The Irish League of Credit Unions research also found 65% of respondents said they would use their income to clear the balance each month.

Mr. Evans says he wouldn't recommend that:

 

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