Brits add to credit card debt ’21 days after being paid’

It seems the three-week mark is when consumers find they have run out of cash and reach for the plastic, with many relying on this to get them to the next time their employer pays them their wages.

This is according to Moneysupermarket.com, which found a quarter of UK consumers (11 million people) add to their credit card debt when they run out of funds in their current account.

People who use this as a crutch tend to need to call on their flexible friend 21 days after their payslip has been given to them, while around one in ten people pull out the plastic less than 15 days after they have been paid.

The research found that the Welsh are quickest to add to their credit card debt, relying on these financial tools ten days after pay day on average, while people living in the east of England wait the longest – 27 days – before they resort to using borrowed funds.

Furthermore, women were more likely to whip out the plastic than their male counterparts, with 13 per cent of female consumers relying on their card within the first fortnight of having their wages come through, compared to six per cent of gents.

Head of banking at Moneysupermarket.com Kevin Mountford said: "Unless you plan this properly and know you're able to pay off your balance, this can be a dangerous trap to fall into."

This follows a report by Think Money, which suggested debt consolidation to people who have multiple loans or credit cards – however, it was suggested people consider all their options before settling on this.

By Joe White