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Oops, he was asking about circles and polygons. Yes, my solution could cause problems. I thought it was only rectangles.
Be careful using my solution mypel.
I'm just nitpicking here :) but I also have to point out that with your solution, under certain not so difficult to achieve conditions, the player sprite will 'collide' with the wall before he is physically touching it - in the case where the player is, say, 0.2 meter from the wall, and your 'move' takes you 0.3 m into the wall, your collision method would stop the player from moving any closer to the wall and he will remain 0.2m from the wall.
The faster the movement speeds, as well as the slower the position update, the less accurate the results will be. Of course at 60fps and normal human speeds, this isn't an issue, which is why it's just nitpicking :)