'Irresistible' credit rockets card debt

'Irresistible' credit rockets card debt

Friday, April 16, 2004

Outstanding credit card debt has climbed by 62 percent since 1999, and adults owe an average of £1,140 each, up from £719 in that year.

The UK's total outstanding credit card debt in 2003 was £53.5bn, with consumers continuing to find credit cards 'irresistible', said market analyst Datamonitor this week, quoting Bank of England figures.

There are some 65.5m cards in circulation. By 2008 there will be nearly two credit cards in circulation for every adult in the UK the market analysts said, commenting that multiple card holding and 'rate tarts', who essentially only use their card as a short-term free borrowing facility, are fuelling market growth.

The report said the strong growth in cards suggested UK consumers were becoming more and more comfortable with using them, and showed the market had defied predictions that it was becoming saturated. But it said the highly competitive market was likely to keep credit card payments affordable.

Author of the report Kieran Hines said: "This growth in credit card debt will only be of concern if consumers become unable to pay it back."

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