UK adults do not seem to have curbed their spending during the recession and instead appear to be turning to credit card debt as a solution.
This is according to Chris Tapp of Credit Action, who noted that Britons are “enjoying something of a love affair with the credit card”, adding that he hopes people are being cautious with their expenditure and only buying what is affordable.
Furthermore, he went on to say that it would be unsurprising if balances on cards increase in the next few months, with his charity not expecting to witness a drop in the use of plastic, or even “a dramatic shift in that direction”.
Mr Tapp continued, stating that there does not seem to be “conclusive evidence” that a change in credit attitudes has occurred because of the downturn, observing that the economy is still reliant on borrowing.
His comments follow recently published statistics from Credit Action, which revealed that at the end of November 2009, total UK personal debt stood at £1,459 billion.
By Sarah Adie