Mr Tapp points to the “freeing up of the market”, particularly while Margaret Thatcher was prime minister, as the reason behind a surge in credit card uptake and subsequent debt management difficulties around the country.
This “liberalisation” of money lending industries seen over the last 30 years or so has made the UK a nation in which credit card debt has become part of the “financial culture”, the credit expert suggests.
“Of course some people will abuse that also people who will struggle given their new found freedom,” commented Mr Tapp.
“When you have an economy based on borrowing then you are likely to have a debt problem because of it.”
In the UK last year there were enough people entering into Individual Voluntary Arrangements (IVAs) to fill the new Wembley Stadium, according to a report last month from KPMG.