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Credit card borrowing rises

Credit card borrowing rises

Category: Credit cards

Updated: 03/03/2009
First Published: 03/03/2009

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 It is now over 6 months old so the content may be out of date.

The amount of borrowing on credit cards in the UK has increased during the first month of 2009, it has been revealed.

According to figures released by Credit Action, the amount of money borrowed by Britons through products such as credit cards, unsecured loans and overdrafts rose to £4,870 per person.

Furthermore, the average household debt is £21,750 if the number of homes that have an unsecured loan is included into the estimate, the charity found.

And overall, total UK personal debt was calculated by Credit Action to be £1,457 billion in January 2009, a rise of £42 billion.

However, this growth has slowed from comparative figures a year earlier when personal debt rose by £116 billion in January 2008.

A recent poll by Abbey revealed that the a third of Brits have switched financial products in the past year in attempt to save money.

It said that swapping to zero per cent balance credit cards could reduce outgoings by £139 for the average person.

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