Credit card limit rising

Thu, 06 Dec 2007

People in the UK have access to a significant amount of credit on their credit cards, according to new research.

Moneysupermarket.com found that credit cardholders in the UK could collectively spend £176.9 million on plastic, although Britons currently owe their providers £64.7 billion.

Although 11 per cent of the UK's adult consumers have a £2,501 to £5,000 credit limit, four million people can access credit of more than £20,000, the firm stated.

Rob Kenley, head of credit cards at moneysupermarket.com, said that with the average outstanding balance on credit cards now £2,060, consumers appear to be getting "savvier".

" Having credit is no bad thing as long as it used prudently and these promising figures show, on the whole, consumers are behaving sensibly," he remarked.

Cathy Neal, senior researcher for Which? magazine, recently urged people to review their credit cards regularly to ensure that they match their "spending habits" and that new fees have not "crept in".
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