Credit card debt ‘on the rise’

The level of credit card debt in the UK increased in April, according to new data.

Finance and Leasing Association figures for its member…

The level of credit card debt in the UK increased in April, according to new data.

Finance and Leasing Association figures for its members have revealed the total level of credit issued in April was nine per cent higher than in the same month in 2011.

This included a rise in credit card debt and personal loans of three per cent, with larger increases in store instalment credit, second mortgages and car finance.

Only store cards saw a year-on-year drop, down 16 per cent.

Head of research and chief economist for the organisation Geraldine Kilkelly said: "April's figures are the fourth consecutive month of overall year-on-year growth in consumer credit provided by FLA members."

Those who do pile up debt on credit cards may find they are soon struggling to manage repayments and a debt management plan may be the solution in such cases.

Recent research by Bright Grey revealed Britons spend 17 days' worth of their salary a year on repaying debts.

By Joe White

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