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Consumers `will spend trillions` on credit cards
16 May 2007
Britons are likely to accumulate a combined total of trillions of pounds of credit card debt during the average lifetime, according to new research.
A study by life assistance company CPP reveals that the average UK resident will spend £157,530 on a credit card over the course of their life.
More than one-quarter of consumers use credit cards for daily purchases such as lunch and petrol, the figures reveal.
Zoe Manton, head of card protection, commented: "The results of this survey show how popular paying by credit card has become and people now rely on their flexible friends to fund everyday life.
"It is incredible to think credit card users could get through as many as 59 credit cards in their life."
A report from CreditExpert recently showed that 80 per cent of Britons regularly overspend and 24 per cent have problems managing their finances.
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