Millions ‘will rely on borrowing’ this year

Millions of people will be reliant on borrowing in 2009, new research has suggested.

The Post Office’s latest consumer credit report has noted that more than 10 million adults are intending to use their credit cards to pay for everyday purchases such as groceries over the coming months.

Additionally, the study discovered that 2.6 million feel they will spend more on their cards in 2009 than last year.

The Post Office urged borrowers to ensure they are on the best deal to avoid accumulating too much credit card debt.

Head of lending Az Alibhai said that a large proportion of people have “little choice” but to opt for this form of borrowing adding: “What is worrying is the trend for people to continue to rely on their cards for basic day-to-day purchases, which could be expensive if you only pay off the minimum amount.”

Meanwhile, research from Abbey Credit Cards has shown that two-thirds of Britons who intended to transfer cards to zero per cent introductory deals in 2009 have not yet taken action.

By Jamie Price

track

Tell others:

shortlink