Meanwhile, Seven Per Cent Of Londoners Have Over Five Plastic Cards

Category: Finance, Credit.

Britons are increasingly looking to borrow money, recently published research shows. Just over a quarter( 28 per cent) of adults have one card, with 24 per cent owning two.

In a study carried out by MoneyExpert, it was revealed that more than three- quarters( 78 per cent) of people have at least one credit card. Meanwhile, three out of 100 people questioned say they have five cards, with an additional 8 million people claiming to have more than this amount. Meanwhile, citing the most recent figures from the British Bankers Association, MoneyExpert revealed that some 34 billion pounds is owed via the form of borrowing. The price comparison website suggested many consumers have a number of credit cards due to running up large debts or attempting to transfer balances across accounts. Furthermore, problems with repaying money owed across a variety of credit cards may extend to difficulties in meeting other borrowing commitments such as loans, overdrafts and store cards. It was also revealed that 28 per cent of consumers applied for more credit cards over the course of 200While the majority of such borrowers were looking to get one more, just over a quarter of these people plan to get two or three borrowing products. In addition, people may discover that they struggle to make payments on other financial demands, for example utility bills and transport costs.

Additionally, the survey indicated that middle- aged people are likely to have the most credit cards. Meanwhile, seven per cent of Londoners have over five plastic cards. Some seven per cent of Britons in this age group state that they have more than five cards. However, among those living in Scotland this proportion falls to one per cent. That is entirely healthy if people are swapping debts from one card to another taking advantage of zero per cent deals to ensure that that they pay as little interest as possible. Commenting on the figures, chief executive of, Sean Gardner MoneyExpert, said: "The credit crunch hasn t finished the British love affair with credit cards yet, with millions of us still holding five or more cards.

However, there has to be real concern if people are using cards to keep their head above water. For those looking to get their money management under control, taking out a cheap debt consolidation loan might be advisable. Anyone who is trying to juggle five or more credit cards and owes money on all of them is in real trouble. " He added that as the period when credit was usually easy to come by is" long gone" , consumers should look to be proactive in getting to grips with their debts. Such a loan could help borrowers to converge a number of financial demands into a single low- cost monthly repayment. In research conducted by MoneyExpert earlier this year, it was revealed that 9 million Britons changed credit card deals during the second half of last year in an attempt to reduce financial pressures. This might be of particular help to people struggling with multiple credit card debts. Some 17 per cent of 25 to 34- year- olds have switched provider so as to get to grips with their spending.