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"More multiple credit card holders now in UK"

By admin | July 2nd, 2008 | Credit Cards

A recent report has claimed that the number of credit card users with more than one credit card in the UK has been increasing. Officials claim that there has been a rise in the number of multiple cardholders in the UK. Officials are concerned that the number of people that are becoming reliant on credit cards is rising, as consumers try to weather the effects of the credit crunch. This has resulted in more people turning to credit cards in order to stay on top of their financial commitments.

However, with the number of multiple cardholders in the UK rising concerns over rising debt levels in the UK are also rising, with a number of officials worried about how this increased credit card use could impact on the growing debt mountain in the UK. Consumer debt levels are already very high, and this could simply make the matter even worse. One of the good things that may stop some people from getting into uncontrollable debt levels is that many credit card providers are being far more stringent about who they will take on for a credit card.

There are also concerns over how many consumers are using their credit cards, with some relying on cards far more than they should. Rather than using credit cards to make larger or one off purchases some multiple cardholders are using their credit cards to pay their mortgages, pay bills, and in some cases even pay other credit cards. This reflects the level of problems that consumers in the UK are experiencing when it comes to their finances.

Officials are now advising consumers who find themselves using their credit cards to pay bills, mortgage repayments, and other debts to seek advice regarding their debts, particularly if they are doing this on a regular basis.

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Tags: credit card holders

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