More evidence of Brits’ reliance on credit cards
A recent poll has confirmed that Brits have become reliant on credit cards over recent years, with the average Brit holding more credit cards than consumers in any other Western European country.
According to the result of the poll the average Brit has 1.4 credit cards to their name, whereas even in the countries that came in at second place in the poll, Norway and Ireland, the average consumer only had 0.7 credit cards.
Following the results of the poll, which was conducted by Datamonitor, one industry official stated: “In the UK, consumers use debit cards for day-to-day spending much like their European counterparts, but are increasingly using credit cards as borrowing tools, applying for new credit cards to transfer an outstanding balance and to take advantage of interest-free offers.
In most other countries, consumers do not view credit cards as a borrowing tool and, as a result, they are not so popular.”
Brits also topped the poll for carrying the most plastic in general in their wallets.
The results showed that the average Brit carries 2.8 plastic cards in total, which is a rise from the figure of 2.4 plastic cards in 2002. Norway came second, but was again far lower than Britain, with the average consumer carrying 2.3 plastic cards.
France came in at the bottom of the poll, with the average consumer carrying just one plastic card.
A number of recent reports have suggested that consumers in Britain have become more and more reliant on credit cards, and much of the personal debt mountain in the UK has been blamed on credit card debt.
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