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Credit Action issues credit card advice

Consumers should get informed about a credit card's full terms and conditions before taking it out, Credit Action warned yesterday.

According to the charity, many consumers are currently signing up for cards without having familiarised themselves with the product - and are therefore vulnerable to hidden costs and charges.

A majority of UK credit card holders (70 per cent) were recently found by Office of Fair Trading research to have not shopped around before taking the card out - meaning that many will not gain full value for money.

Director at Credit Action Chris Tapp commented: "The big thing to look for is to make sure you understand whatever kind of product you are getting. So before you sign up for anything make sure you understand what the different charges will be.

"Make sure you understand the whole product and the principle when searching for credit cards is, wherever possible, make sure that what you are borrowing on the card you can afford to pay off the next month. That is the way to avoid getting hit with all kinds of charges."

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