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Is your credit card debt going down?

It seems that more and more people in the UK are happy to use their credit cards to fund everyday expenditure despite the fact that the economy is still on something of a knife edge. Whether a large number of UK consumers are "burying their heads in the sand" is open to debate but the truth is that the UK economic revival is anything but certain and many believe the UK is actually on the verge of falling back into a double dip recession.

It is difficult to know whether this additional expenditure on credit cards is because of continued luxury spending or whether some homeowners are actually on the verge of a financial meltdown. This is by far and away the longest and most damaging recession which the UK has experienced for many years and a large number of consumers have never experienced anything like this before - too many may be pinning their hopes on a more "traditional" recovery phase.

However, there are further problems in the European debt market and UK national debt itself is well over £1 trillion. When you also take into account a budget deficit which is unlikely to fall below £100 million a year in the short-term this does actually expose the UK and its very weak financial position.

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