Britons are increasingly looking to borrow money, has recently published a study shows.
In a study conducted by MoneyExpert, found that more than three quarters (78 percent) people have at least one credit card. Just over a quarter (28 percent) of adults have a single card, with 24 percent owns two. In the meantime, three of the 100 people of respondents say they have five cards, with an additional 1.8 million people who claim to have more than that amount. The website price comparison suggested many consumers have a credit card number for running up big debts, or attempt to transfer balances on the accounts.
Meanwhile, referring to the latest figures from the British Bankers' Association, MoneyExpert revealed that some £ 30400000000 owed by the form of loans.
In addition, problems with repaying money owed by various credit card can be extended to the difficulty in fulfilling the obligations of other loans, such as loans, overdrafts and store cards. In addition, people may find that they are fighting for the payments to other financial requirements, for example, utility bills and transport costs.
also revealed that 28 percent of consumers applied for several credit cards in 2007. Although most of these borrowers are looking to get another, slightly more than a quarter of these people plan to get two or three of borrowing products.
In addition, the survey shows that middle-aged people are likely to have most credit cards. Some seven percent of Britons in this age group of countries that have more than five cards. Meanwhile, seven per cent of London has more than five plastic cards. However, among those who live in Scotland, the proportion drops to one percent.
Commenting on the figures, Sean Gardner, chief executive of MoneyExpert, he said. "credit crisis did not end Britain's love affair with credit cards yet, with millions of us are still holding five or more cards that are completely healthy, if people exchange debts from one card to another taking advantage of zero per cent deals to ensure that those who pay as little interest as possible. However, there must be a real problem, if people are using cards to keep your head above water. Anyone attempts to manipulate five or more credit cards and owes money on all of them in real trouble ."
He added that in the period when the loan is usually easy to get the "past", consumers should look to be proactive in getting to grips with their debts.
For those who want to get your money management under control, taking out a cheap loan debt consolidation may be desirable. Such a loan can help borrowers to get closer to the number of financial requirements in a low-cost monthly repayment. This could be particularly helpful to people struggling with multiple credit card debts.
In a survey conducted by MoneyExpert earlier this year found that 5.9 million Britons changed deals with credit card in the second half of last year in an attempt to reduce financial pressures. About 17 percent of 25-34-year-olds were switched service in order to get to grips with their spending.
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