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Increased credit card use could contribute to debt levels

09/09/2009

British shops experienced a 5% increase in credit card and debit card transactions in 2008, compared with 2007, according to a new report, in news that could help to explain the rising levels of debt in Britain.

The annual World Payments Report (from CapGemini, Royal Bank of Scotland and the European Financial Management & Marketing Association) looks into the way financial transactions are being made across the globe.

In 2008, British consumers made 15bn transactions with credit and debit cards in the shops, making Britain the fourth-largest non-cash market in the world.

A spokesperson for Debt Advisers Direct said: "The rising use of credit cards has likely contributed to the rising debt levels we`ve seen in the UK over the past few years. Using credit cards doesn`t necessarily lead to debt problems, providing borrowers can afford to repay the money, but it`s an unfortunate fact that many people do get into trouble with credit card debts.

"Credit card debt can grow very quickly, so anyone who finds themselves struggling should seek debt advice from an expert as soon as possible."

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

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