Cash-strapped Britons adding to credit card debt
Cash-strapped Britons adding to credit card debt
Wednesday 25th June 2008
Data from the British Bankers Association shows that new spending on credit cards rose from £7.3 billion in April to £7.5 billion in May.
Meanwhile, the value of repayments slipped from £7.6 billion to £7.5 billion.
The BBA figures also recorded a £0.5 billion rise in the value of unsecured loans, credit card and other consumer credit taken out by Britons.
It is thought that trend reveals that the soaring cost of day to day living coupled with higher mortgage costs is forcing more and more people to rely on credit card debt and unsecured loans for day to day expenditure.
This was borne out by a separate study conducted by Shelter which found that more than four million families have used a credit card to pay their mortgage over the last 12 months.
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