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Debt management advice could cure Brits of credit card 'love affair'

Debt management advice could cure Brits of credit card 'love affair'

- Thursday, 14 January 2010

Debt management could be needed by the increasing number of Britons who are reliant on credit, according to one organisation.

Chris Tapp, director of money education charity Credit Action, said despite recent economic circumstances being "slightly rocky", Britain was still enjoying a "love affair with the credit card".

"We are still an economy that is reliant on credit and we are still a society that loves to use credit," he said.

"While we as a charity think it would be a good thing if we were much less reliant than we are, I'm not overly confident that is what most people on the high streets seem to think."

Mr Tapp said as yet there had not been any conclusive evidence that attitudes towards credit were beginning to change, with people still deciding to hit the shops and spend "pretty merrily".

New figures from the Bank of England reveal that typical credit card interest rates increased from 15.89 per cent in November to 16.26 per cent in December.ADNFCR-2300-ID-19556887-ADNFCR
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