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UK credit card industry struggles

As you might expect given a recession, the UK credit card industry is continuing to struggle with more and more people taking a sensible approach to the finances and resisting the temptation to rack up yet more debt. Datamonitor has issued a report suggesting that the UK credit card market will fall by 2.7% this year before returning to the growth path with an increase in use of 2.5% in 2011.

However, despite the fact that general credit card use has fallen over the last couple of years, and is set to fall in 2010, it would appear that 35% of the population are still happy to pay for the holidays on their credit card. Aside from the fact that payment by a credit card can, in some circumstances, offer enhanced protection for consumers, it is still a sure fire way of racking up yet more debt for the future.

Gone are the days when the UK public would only spend what they could afford and even in these most difficult of economic times it seems that many people are still happy to bury their head in the sand. Those who believe the worst is over may well need to think again because the UK economy is still struggling, unemployment is still rising and personal debt in the UK has never been higher.

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