Could you be part of Britains £360 million a day credit card figures?

March 16, 2007

New Studies have shown that Britons borrow a massive £360 million every single day with £36 million a day being spent on people’s credit cards. If you split this down to individuals, it seems that each person in Briton with a card is gathering just over £5 a day onto their balance.

These figures are just a few of the shocking statistics found in a report and another includes that in just a 24 hour period, 300 people will have to declare themselves insolvent and 5,300 people will be on the lookout for advice regarding their debt worries.

The reason that people are getting themselves into so much debt is because the price of everything has gone up. Energy bills have soared, though they are beginning to drop slightly now, the price of running a car has also risen, as well as the cost of bringing up children. It is estimated that if you run a car it could well be costing you £15 per day which adds up to over £100 if you use your car 7 days a week.

Overall things are just becoming more and more expensive and most people cannot keep up. Salaries are not increasing and so there is no way of getting extra money to pay for everything which is why people turn to credit cards in the first place. Then once they are in possession of a card, it is then hard to not spend credit on most purchases. It simply becomes a habit which is hard to break.

Generally unless salaries do go up, credit card usage is only set to increase which means that bad debt will continue to be a problem. Something certainly needs to be sorted out but with credit card companies only interested in making money and with consumer’s salaries staying the same; it is not likely that things will change.