The Basics of Credit Card Debt
If you have found yourself in credit card debt then it will be worth your while spending a few moments looking over some of our credit card debt basic information.
Do you have a credit card? Are you experiencing credit card debt ? If the answer is yes to either of these credit card questions then you can rest assured that you are not alone. In fact, a recent survey suggested that an astonishing 60% of Brits over the age of 16 have a credit card and that by the end of 2004 the total UK credit card debt was at an all time high, increasing at a rate of £1 million every quarter. So, why as a nation are we becoming more reliant on credit cards and finding ourselves in an increasing amount of credit card debt?
Credit Card Debt – The Changing Credit Card Attitude
As the above statistics suggest credit cards are fast becoming seen as the only way to pay. Attitude towards credit card debt has changed significantly in the last decade and now many people prefer to buy now, pay later. Most people use credit cards as a means of buying something and then saving money to make the payments to pay off their credit card debt. This change in credit card debt attitude has been attributed to a variety of factors including the rise in money spent on lifestyle, the pressure from producers to consume more and the exceptionally good UK economy. As a result of this a recent survey estimated that the average British household was £7000 in debt and more than 75% of Brits were living beyond their means.
Credit Card Debt – The facts
Astoundingly the average adult now owns 3.5 credit cards each and it is this rise in the number of credit cards which is adding to the increase in credit card debt. It may sound a bit of a cliche but it is incredibly easy to run up the credit card debt but not so easy to pay it off. With an estimated 300 credit card transactions made every second many people find that the credit card debt creeps up on them quite gradually and before they know it they have a credit card debt which out of control and financially crippling them. By consolidating credit card debt it may be possible to tackle the problem of credit card debt head on. If you are having problems with credit card debt then why not have a look at some of the other information on our website which offers information on credit card debt consolidation loans?*
* Source: CreditAction 1st June 2007.