Brits ‘still want to spend on plastic’

Millions of British consumers are still keen to spend via plastic and accumulate more credit card debt, recent research has suggested.

According to a study carried out by MoneyExpert, almost a quarter of all UK consumers applied for another credit card, despite the fact that billions of pounds worth of debt has already been racked up by this form of borrowing.

Furthermore, there are now thought to be more than three million people around the country with five or more credit cards and around three-quarters have at least one, the latest figures have demonstrated.

Sean Gardner, chief executive of MoneyExpert, said: “The credit crunch hasn’t finished the British love affair with credit cards yet with millions of us still holding five or more cards.”

Mr Gardner went on to suggest that his company’s recent findings raise a “real concern” about the extent to which families are now using credit card debt to fund their everyday lives.

Meanwhile, Citizens Advice has suggested that personal finances are being squeezed across the country by dramatic rises in the costs of household bills.