UK credit card debt rises to £53.5bn

U.K beware! The amount of credit card debt that we are building up, has reached it’s highest ever figure, with the average credit card owner owing in the region of £1000- £1500.

With there being more than 65 million credit cards in circulation in the U.K, the balances owed on our credit cards, has seen a sharp rise of more than two thirds, to the total it now sits at, an incredible £53.5 billion, we just cant seem to get enough of those little pieces of plastic.

It has also been put forward that if our appetite for credit cards doesn’t wane, then by the year “2008”, credit card companies will see 90 million of they’re credit cards being used by the U.K consumers.

The biggest worry over this level of credit card debt is that people find it easier to get their hands on cards and with the 0% interest deals that the credit card issuers are enticing us with, making customers who probably not bother with a card, buying into one. This will mean that people, who may feel that they can afford this level of debt, may get into serious financial hot water when interest rate take a sudden hike.