5-card credit card debt
According to MoneyExpert.com, 77 per cent of Britons own at least one card, but the financial website said it fears that this is “further evidence of the British debt crisis as people take out more and more cards to juggle debts”.
Sean Gardner, chief executive of MoneyExpert.com, said: “The British love affair with credit cards continues.
“It is healthy if people are switching cards and clearing debts, but people are kidding themselves if they rely on moving from one card to another just to avoid repaying their debt.”
He warned that while interest free credit deals can be a good form of debt management, Britons should only ever borrow what they can repay.
Mr Gardner admitted that this can be difficult to do at Christmas time, but urged Britons to exercise proper credit card debt management as an “interest-free attitude can be very dangerous in every sense of the word”.
