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Despite the fact that the worldwide economy is on a slippery slope it seems that less people filed for bankruptcy in the first quarter of 2008 compared to the same period last year. Figures...
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Friday 15th February 2008
Consumers who use their credit cards to pay their monthly household bills are risking incurring dangerous levels of debt, a charity has claimed.
Figures from the Association of Payment Clearing Services (Apacs) show that £32.4 billion was spent on credit cards by Britons during the final quarter of 2007 - the second-highest figure ever recorded by the association.
The data comes after a slump in spending in the UK`s high streets over the Christmas season, with analysts suggesting that this year’s rise in credit card use can be attributed to the payment method being used by more people to pay for gas, electricity and other utility bills.
However, if this is the case, it means millions are risking incurring dangerous levels of debt in future, Chris Tapp, of debt charity Credit Action, warned.
He told the Times: "Retail figures were down over Christmas, yet credit card debt is still rising.
"This indicates that we are seeing people shifting spending on to credit cards as household expenses mount up.
"This is not good news. People using their credit cards to meet their monthly bills is the first sign of a spiral of debt trouble."
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