More Cardholders in UK Surviving with Credit Cards
A new survey in the United Kingdom shows more consumers there are struggling with their finances, resulting in a further reliance on credit cards to pay for daily essentials.
The sixth annual Post Office Consumer Credit Report shows that 42 percent of adults are using their credit cards to pay for groceries. In addition, 35 percent of consumers say they are paying for everyday purchases with plastic, while 7 percent are using the cards to pay for fuel bills.
A total of 2,014 consumers took part in the survey.
“While many people intend to manage their credit card purchases and repayments sensibly, there are still too many people who are not thinking of the consequences of their festive spending,” said John Willcock, head of credit cards at Post Office.
The consumer debt in Britain–approximately 1.5 trillion pounds–is already the highest of any developed nation relative to the size of its economy.