Despite the credit crunch wreaking havoc on financial markets, and mounting fears of a personal debt crisis in the UK, it appears that UK consumers are continuing to spend out on their credit cards .
The Internet credit report firm CreditExpert found that people are maintaining an artificial appearance of wealth by spending money on their credit cards . The situation could be a ticking time bomb for a segment of UK consumers that have bitten off more debt that they can chew.
The managing director of CreditExpert reportedly commented: "Using credit to fund a lifestyle you can‘t really afford can lead to huge financial problems and if you don‘t keep tight control of your spending and how much you‘re borrowing, you can easily find you can‘t afford the payments and start to fall behind them."
Credit card spending high despite crunch
Credit Card Quote Line
0845 108 0505
Credit card spending high despite crunch
Mon, 28 Apr 2008
Recommended links
Compare credit card quotesTop credit card results
0 per cent balance transfer credit cards
0 per cent purchase credit cards
Credit card costs climbing
Halifax ups credit card rates
| credit Card news |
|---|
| 1 million sales for US diet company - Mon, 12 May 2008 |
| Fool say credit card companies should help - Mon, 12 May 2008 |
| Millions need their credit card - Thu, 08 May 2008 |
| More News |