Financial news categories
Financial news archive
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
UK consumers in danger of credit card debt
10 July 2008
Britain's credit card limit could see many consumers faced with the risk of debt, according to reports.
UK consumers could spend their way into debt because due to the actions of banks they have a collective credit limit of £158 billion, according to research by moneysupermarket.com.
Steve Willey, head of credit cards at moneysupermarket.com, said: "The fact people could blow over £150 billion is alarming. This is surely a big wake-up call to all providers that they must take into account a person's total potential debt when they apply for credit cards."
With the credit crunch tightening household budgets, UK consumers are being warned not be too reliant on credit.
"Having credit is no bad thing as long as it used prudently. These figures show, on the whole, consumers are behaving sensibly but many banks aren't," said Mr Willey.
Research by moneysupermarket.com revealed that UK consumers already have a total credit card debt of £55.6 billion.
