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Why Is Credit Card Debt So High In The UK?

Even in these trouble economic times there has been no significant reduction in the personal debt of many in the UK with credit card balances rising higher and higher. The UK has long had a love affair with plastic but the last couple of years have taken this to a different league!

Many in the UK were under the impression that the rise in property prices, job security and a growing economy would ensure they could live life to the full and pay off their debts tomorrow. As tomorrow got further and further away debts started to rise, interest rates ticked up and suddenly the backbone of a valuable property was not enough.

One of the major problems with UK credit card holders is their ability to bury their head in the sand and ignore what is happening around them. However, with companies such as Egg calling in many of their debts the situation for many people has worsened considerably of late. As the ability to refinance credit card debt with a transfer to a competitor on a cheap rate has disappeared so more and more people are using more of their income to cover their monthly payments - all at a time when money has never been tighter.

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