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Britains ‘credit card crunch day – when people resort to using credit cards as a fallback for when cash in their current account runs low – is on average 21 days after theyve been paid each month.

Research from moneysupermarket.com reveals the monthly habits of consumers when it comes to using credit cards. A quarter of Brits, some 11 million people, are turning to their credit card as a fallback when they run out of funds in their current account. Of this group, whilst the average fallback day is 21 days after pay-day, one in ten (9 per cent) pull out the plastic less than 15 days after they have been paid, meaning they will be funding the remaining fortnight on their cards.

One in three (35 per cent) Brits use a credit card each month for everyday items, such as food, groceries and petrol, but say they are confident at repaying the amount they use the following month. A

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While you’re thinking of what to get your significant other on Valentine’s Day, the companies that help you pay for what you’re going to get — that is, credit card issuers — are courting you. Yes, you. You, the one with the strikingly good looking credit score and the attractive bank account. Where have you been hiding all this time?

Er, okay. If you’re in the market for a new credit card, here’s your chance to do a little speed dating. Not that this is every Valentine’s Day-related credit card deal out there, but here’s your chance to see what’s out there, clamoring for your attention.

American Express

How they’re trying to woo you: If you’re an American Express cardholder with membership rewards, you can earn extra points on flowers and jewelry when you shop online through the American Express Membership Rewards site.

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A higher percentage of consumers are now using their credit cards to pay for everyday costs. Nearly 42 percent will use their credit card to pay for groceries in January. Nearly 10 percent will use their credit card this month to pay bills.

The high amount of credit card usage for everyday costs lead experts to believe that many are living beyond their means and using their card to pay for it. Many consumers are racking up large credit card debt that may take years to pay off.

Experts urge many consumers to transfer their debt to a zero interest or lower interest credit card.

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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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