Credit card debt levels could rise with consumer reliance
Credit card debt levels could rise with consumer reliance
- Friday, 30 October 2009UK consumers could continue to struggle with debt as a result of a reliance on their credit cards.
According to Credit Action, many citizens are still as dependent on their credit cards and borrowing as they were in previous years.
Chris Tapp, director of the charity, said that people were not necessarily using credit cards extravagantly, rather for simple day-to-day tasks.
He commented: "A lot of people are reliant upon being able to borrow on their credit cards to smooth out peaks and troughs in their income and in many unfortunate situations [they rely on cards] simply to buy essential living costs."
Mr Tapp made his comments following figures from the Bank of England, which reveal that credit card lending increased by £0.1 billion in September, while overall consumer borrowing increased by £0.7 billion.
At the end of August 2009, total UK personal debt stood at £1,457 billion.
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