UK credit card spending spree continues

Credit card debts are soaring and consumers have admitted that many of them will be unable to pay off their credit card bills. During June people using their credit cards managed to fuel a national debt of £55bn.

It has been found that people in their mid twenties are mostly to blame and it is this age group who are finding it hard to get on the first rung of the property ladder and often use their credit cards to purchase luxury goods for their newly purchased property.

Patrick Muir, marketing director for Morgan Stanley, said:
"Some people cannot afford to pay off their debt. Others put a higher priority on other aspects of their life."
"People use their card because they are comfortable living with the debts – even though they are high."