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Credit cards helping to bridge the gap

Credit cards helping to bridge the gap

Category: Credit cards

Updated: 29/04/2013
First Published: 29/04/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

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."


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