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Just when many analysts had come to terms with the 3.5% rise in retail sales in May and the fact this did not seem correct, June has seen a fall of 3.9% in sales – the worst fall in 22 years. The...
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Wednesday 16th May 2007
British people spend an average of £150,000 on their credit cards over a lifetime, according to life assistance company CPP.
Using £3,540 of credit a year, Brits supplement their cash purchases with credit card spending of 15 per cent of the worth of their salary.
Although Brits spend heavily on credit, the acquisition of cards also allows them to take advantage of balance transfers and zero rate deals.
As many as 40 per cent of the UK population are credit chasers, swapping cards every nine months.
One in four Brits owns a gold card, although 12 per cent admit to signing up just because it is an impressive addition to their wallet. A further 14 per cent of people believe amassing credit cards is a way to impress other people.
As a result of these trends, the average card junkie will use 59 cards over a lifetime.
Yet about 13 per cent of Brits have been victims of credit card theft, CPP warned. "Credit cards are definitely a part of our everyday life but that surely opens up the possibility of abuse," a company spokesperson said.
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