Credit card debt doubles in four years
28 August 2012
Debt on credit cards in the UK has increased by more than 50 per cent in the last four years and now totals more than £50 billion, according to a survey by market analysts Datamonitor.
The survey shows that at the end of 1999, UK credit card balances amounted to £33.1 billion, and that by 2003, this amount had increased by 62 per cent, to £53.5 billion.
Kieran Hines, Financial Analyst at Datamonitor, said: "This growth in credit card debt will only be of concern if consumers become unable to pay it back and this will only happen if there is...