Nearly £4k per year on credit cards

10/10/2011

Shoppers in the UK spend, on average, nearly £4,000 per year on their credit cards, a new report shows.

According to Standard Life – who conducted a report entitled Your Commitments, Your Future – slightly more than half of UK adults have a credit card.

The typical repayment per year currently stands at £3,804.

However, it has also emerged that 44 per cent of UK adults do manage to save money each month, putting, on average, £1,680 per year.

Over a period of 40 years, those with credit cards are likely to spend £152,160 on debt, whilst savers look set to come out £67,200 better off.

The research also discovered that people with credit card debt spend around one hour thinking about them per week, whereas those with savings or ISAs spend 24 minutes per week, on average, contemplating their savings.

John Lawson, Standard Life’s head of pension policy, told the Money Mail: “People are clearly thinking a great deal about their credit card payments, more than their savings.

“But what we don’t know is if they are in a position to take control of their balance or simply worrying about a debt and how they are ever going to pay it off.”

Tags; Income Worries and Debt, Current UK Economy, Credit Card Lifestyle,

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