Tuesday 24th April 2007
One in six of Liverpudlians never repays anything on their credit card borrowings, other than accumulated interest, making Liverpool the worst city in the UK for the practice, according to research.
Described as 'credit cruisers', according to CDMS, Geordies and Glaswegians are the next worst for not making repayments and as few as one in eight people living in Glasgow, Liverpool and Newcastle put more than two per cent of their salary into savings.
In contrast, residents of Edinburgh, Nottingham and Norwich are most likely to pay off their credit card debts, with just one in ten people in the Scottish city never making more than minimum repayments.
People in Norwich are the most prudent all - one in three in the city save at least two per cent of their income.
Cardiff shows an odd trend, with a high proportion of both 'credit cruisers' and savers.
The report demonstrates a "growing polarisation of the national economy", showing the financial divide between the north and the south of England.
Ian Hubbard, of CDMS, noted the "stark contrast between usage of rolling credit card debt in the more northern parts of the UK, compared with the southern swathe".
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Credit cards
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