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Consumers buying big-ticket items on credit

As the UK loan market continues to remain a mystery and beyond the reach of many consumers across the country, a worrying trend has been recognised in the credit card industry. More and more people are now buying big-ticket items on their credit cards with cars more commonplace than ever before.

While this is not the first time that big-ticket items have been acquired using credit cards, with many credit card holders using these transactions to increase their bonus points, it would appear that more and more people are having difficulty paying off these substantial debts immediately. As a consequence it looks as though the UK population is set to increase its debt load in the short to medium term, something which will take years for many people to pay off.

It is more vital than ever before that credit card holders use their flexible friend sensibly and safely. While that bargain big-ticket item may have caught your eye, is it something you really need and ultimately it is something which you can afford?

Despite the fact that UK base rates have remained at 0.5% for some time, average credit card rates in the UK are now moving closer and closer to 20%. Debt is very expensive in the UK although many people appear to be ignoring this fact.

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