UK Money News
27th February 2008
Brits patch over debts with credit cards
Britons are using their credit cards to patch over their debt problems, as they struggle to cope with rising bills and the impact of inflation, a leading debt charity has warned.
With 74 million credit cards in circulation in Britain, a figure set to rise to almost 100 million by 2009 according to Debt Help UK, many commentators say the issue is becoming an increasingly acute one.
Chris Tapp, of Credit Action, said that the impact of rising prices was beginning to be felt by the man in the street.
"As inflation kicks in, people find that more of their take-home salary is taken up paying for day to day expenses, so they are forced to use their credit card more than they would have done previously just to get by month to month," he commented.
"This is a very worrying scenario to find yourself in and at that point – when you start using your credit card as a necessity, or you’re unable to pay it off month by month – you should go and get help."
Credit cards are particularly popular in the UK, where consumers have five times the European average number of credit cards.
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