One British lifetime equals £150,000 of credit
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.
Share this..
Related stories
'Life insurance is vital for the self-employed'
Life insurance is crucial for those who are self-employed and those who are considering going into business for themselves, life insurance expert has claimed. According to Nick Kirwan of the Association of British Insurers (ABI), Britons are "hugely underinsured for life cover" with up to one in three people having no life insurance. The ABI also estimates that a further one in three have failed t...
Read MoreIs UK Commercial Property Back In Favour?
News that UK commercial property company Minerva has agreed to be takeover, in principle at least, by a Dubai based company has sent the sector into orbit. After months of bad news and doom and gloom this seems to have caught the eye of 'bottom fishers' who like to pick up cheap asset after large falls. Whether the deal itself goes through, it is subject to a number of preconditions, is irreleva...
Read MoreUnemployment benefit claims rise again
The number of people now claiming jobless benefits in the UK rose by 5,300 in September with the figure now standing at 1.47 million. This was slightly higher than the 4,500 increase expected by economists in the UK and while overall unemployment in the quarter to the end of August actually fell by 20,000 to 2.45 million there are still major concerns going forward. We must remember that the in...
Read MoreUnions fear choice between eating or heating for elderly this winter
The Unions have stepped up their war of words with the government by suggesting that the choice for many older people this winter will be 'eating of heating' in what is being billed as a 'winter of fear'. But are these comments valid?
On the surface these comments may seem a little on the dramatic side but in reality this is the choice which some older people will need to make with...
Inflation drops to 1.7%
25/03/2014 The UK’s inflation rate fell to 1.7% in February, down from 1.9% the previous month. The rate of inflation in the UK, which is measured by the Consumer Prices Index (CPI), fell below the Banks of England’s 2% target for the second consecutive month One of the major factors which caused the drop in inflation was the price of petrol and diesel. According the Office for Nation...
Read More