Britons ‘have £260 billion of credit available’

Britons could draw down on another £260 billion of credit, according to a new study.

Research by Money Supermarket has found Britons could add to their debt if they wanted by maxing out their cards, with the average Briton having two cards and 22 per cent having three or more.

This latter group has an average of £12,049 available should they wish to use it.

Of course, those who do this could find they are struggling to pay back the interest on such sums of credit card debt.

While most would think twice about using all the money available, the study found 26 per cent of card holders who have used plastic this year have needed to do so more than in previous years.

The financial strain some people are facing was indicated in a recent poll by price comparison website uSwitch, which found 61 per cent cannot pay their bills without having to use credit.

Posted by Paul Thacker