Credit cards Updated:
A large number of UK households are struggling to make their monthly salary last and are regularly turning to their credit cards to help make ends meet, a new survey has found.
Almost half (42%) of people stated that they had used their credit card to tide them over financially until payday, overspending on their card every month by an average of £180.
Cardholders in the UK are believed to hold an average debt each of £1,600.
Increasingly high living costs, as average incomes stay relatively static, are thought to be the main reason for so many people running out of cash each month.
Despite 90% of people claiming they had adopted a more frugal approach to their money, a large number are choosing not to live within their financial means.
Around a quarter admitted they had left themselves short each month due to non-essential overspending.
Andy Oldham, managing director at the cashback website Quidco, which conducted the study, said: "Britons are undoubtedly still feeling the pinch when it comes to money management, as the financial climate fails to improve."
Compare credit cards with 0% purchase ratesCompare 0% on balance transfersWhat is a Minimum Payment on a credit card?
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.