Millions of Brits have five or more credit cards

Wed, 05 Mar 2008

More than 3.2 million Britons own five or more credit cards, new research has revealed.

The study conducted by MoneyExpert.com found that because people have run up big debts or changed to better deals in the past a large number of people have a wallet full of credit cards.

Commenting on the findings, Sean Gardner, chief executive of MoneyExpert.com, said: "The credit crunch hasn’t finished the British love affair with credit cards yet with millions of us still holding five or more cards."

He added that this was "entirely healthy" if people are swapping debts from one credit card to another and taking advantage of zero per cent balance transfer deals, but anyone who owes money on five or more cards "is in real trouble".

Last month, Chris Tapp of Credit Action warned that in future people may find it hard to obtain credit cards as lenders tighten their belts.
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