Shocking credit card figures uncovered by EuroDebt

02/06/2009

EuroDebt has released new research showing that households in financial difficulty in the UK owe an average of £29,000 in unsecured credit, with balances over £50,000 now very common.

The study also highlighted the fact that 34 per cent of these debts were on credit cards - with many customers juggling multiple cards and owing money on them all.

Other types of unsecured debt include personal loans and car loans.

Kevin Still, director of EuroDebt, commented: "The analysis of a sample cross section of over 4,300 Debt Management Plans with EuroDebt showed that typically our clients have just under three credit cards and an average balance of over £3,600 per card."

EuroDebt also said that it was concerned about the amount of credit cards that might be currently kept "secret" by their holders.

The report pointed out that Halifax had recently found that there were currently around 220,000 "hidden cards" in the UK - where the person who took the card out has not even told their spouse about its existence.

Mr Still commented: "We strongly advise that couples should always openly discuss their financial situation.

"Keeping financial secrets is never a good idea, but in the current economic climate it's especially risky."

Tags; Debt Management and Banking, Young Family Finances, Credit Card Lifestyle,

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