There has been an “astronomical” rise in the rate of credit card use in the UK, one personal finance expert has suggested.
In light of research from MoneyExpert showing that there are three million Britons with five or more credit cards, Chris Tapp from Credit Action has described plastic as an “extremely popular” way to spend.
However, Mr Tapp has also noted that over the course of the past 12 months, British consumers have become less willing to take on large amounts of credit card debt if they can avoid it.
“People are starting to borrow slightly less than they once did on credit cards and banks are starting to tighten up how much and who they lend to,” he explained.
According to figures from financial advisory Unbiased.co.uk, the UK as a whole has to work 70 days each year before its collective credit card debt bills are fully paid off.