British consumers could spend a collective total of around £170 billion on their credit cards if every borrowing limit was reached, it has been revealed.
Research by Moneysupermarket.com has found that while many of people around the country are struggling to become debt free, the overall level of borrowing could be considerably higher than is currently the case.
The price comparison firm also reports that there are around four million British adults with credit card limits of £20,000 or more and that credit card debts in the UK are worth more than £64.7 billion.
Rob Kenley, head of credit cards at Moneysupermarket.com, said: “In the run-up to the festive season, we are urging cardholders to be wary of overspending on the credometer – it’s easily done but the New Year financial hangover could be painful.”
The UK’s payment association Apacs expects to see around £11.7 billion spent via credit card over the course of this month.