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New research has revealed that over a quarter (26 per cent) of Brits expect to owe money on their credit cards throughout 2012, with nearly one in ten (9 per cent) admitting they are relying on their plastic to make ends meet.

The survey also asked people to look at their essential outgoings and bills and say where they felt they could make savings in 2012.  Food shopping and transport costs topped the list with gas and electric close behind.  Only 15 per cent of households felt there was nothing they could do to make savings.

“It is clear from our research that a huge number of people are already expecting 2012 to be a ‘year of debt so its important that they take action now, rather than allowing interest to add to their financial burden.”   

1. The first step to managing your debt is to take control.

When your statement arrives, dont ignore it; your debt will increase as interest is added to the outstanding balance.

2. Dont j

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It may be called “The Approved Card,” but it’s being met with mixed approval.

As you probably know, Suze Orman, personal finance guru and star of her own CNBC show, “The Suze Orman Show,” has been in the news a lot this week due to the debut of her new MasterCard prepaid card, The Approved Card. Since the comments range from complimentary to bad enough that you can imagine Orman taking certain people off her holiday card list, I thought I’d take a quick gander at what credit card experts are saying about her new prepaid card. 

The smack

I’ll lead off with some comments from Curtis Arnold, founder of CardRatings.com, who told CNN’s Headline News: “I wouldn’t call it groundbreaking. There are other cards with fees and features that are comparable, if not better.” Like what?

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Michelle Singletary is the author of The Power to Prosper. In her book she discusses the ‘Debt Dash’ as a method to eliminate credit card debt. Singletary was contacted by a couple in California to ask her advice and keep them motivated on their plan to eliminate their debt. The couple from California is looking to pay down $49,000 on three credit cards.

The key to the Debt Dash is to attack the debt with the lowest balance first. This serves as a motivator to keep working and not abandon the plan. It is a psychological boost to eliminate debt. If you have two debts of about the same amount, pay off the one with higher interest first. Als

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Over 12 million people (36 per cent of credit card holders) will spend the first month of 2012 relying on their credit cards simply to fund day-to-day living costs, according to the fifth annual Post Office Consumer Credit Report.

Whilst this is only a 2 per cent increase on the 2011 figures, it does highlight the large number of people relying on credit cards for essential purchases in January. The report also revealed 42 per cent of credit card holders are expecting to use their cards for grocery shopping.

Against the backdrop of economic instability and rising living costs, consumers expect to be more reliant on their credit cards in January 2012 than this year, with over two million (seven per cent) people planning to put more on plastic in January 2012 compared with January 2011.

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You kind of have to wonder. What’s worse? Having your credit card stolen, or being mocked for it on the blogosphere?

Why didn’t I think of that?

On being mocked, here’s how the Gothamist.com opened a story about a con man who, earlier this year, ripped off the credit cards of three tourists to New York City: “Hey, con artists, you don’t need a bag with a broken bottle or broken glasses any more–all you need is to ask some of NYC’s 50 million tourists for their credit cards and they’ll give them to you.”

It seems that Olivier Rey, from Switzerland, would approach people in the Sheraton Hotel & Towers, acting as if he was just a victim of bad luck. As Gary Koelling, a Minnesota resident, told The New York Post, Rey had told him, “I just left my wallet in the cab. I don’t know how I’m going to get it back. My family is here.

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Credit card use is at an all-time high for the holidays, but thats not the only thing thats on the rise. Hello again, credit card fraud. Thanks to new advances in technology, todays thieves can “skim” your card information, sometimes while the card is still sitting in your wallet. As a result, consumers should be extra cautious when using plastic to pay for their holiday purchases.

Try using a few of these techniques to ensure that your credit card information stays private this season.

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Only a third of credit card users (35 per cent) admit to thinking about the impact on their finances every time they use their card to make a purchase, according to research from moneysupermarket.com.

Britains number one comparison site asked credit card customers how large a purchase had to be before they thought about the impact it would have on their finances and budget. Although one in three card users said they thought about the impact of every purchase, almost as many – a whopping 29 per cent – claimed a purchase would need to be over £100 before they thought about the effect on their finances.

According to the research, the average amount Brits can spend on a credit card before they think about the impact their purchase will have on their finances is £145. T

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