Millions need their credit card

Thu, 08 May 2008

According to recent reports, millions of UK customers spend more than they bring in every month, and rely on credit cards to stay afloat.

A study by Uswitch surveyed over 4,000 adults, as well as reviewing data on income and expenditure levels from the Office of National Statistics. Apparently, as many as five million people spend over their income, whilst some 20 per cent have no spare money at the end of each month.

Further Uswitch research found that 50% of people rely on credit cards and overdrafts to stay afloat. Experts say that debt problems in the UK are mounting up, and consumers relying on credit cards to keep their heads above financial water could be living on borrowed time.

In related credit cards news, more customers are being denied cheap credit due to their less than perfect payment records.
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