Credit card debt mounts for everyday living

16/02/2010

Millions of Brits are relying on debt to get through day-to-day life according to new research.

Moneysupermarket has found that over 14 million people in Great Britain use their credit cards for everyday costs.

The price comparison site has also found that one in five people have more than three credit cards.

17 per cent of credit card holders have a daily reliance on debt to get through, as this amount of people reportedly use their card at least once a day. And over a quarter say they use their card at least once a week.

Whilst it seems there are some savvy credit card users - a quarter of credit card holders use their cards to get reward points – debt solutions expert, EuroDebt, is warning that too much reliance on credit cards can force families into a debt spiral where all they are doing each month is paying off the interest charges.

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