Plastic addiction drives debt consolidation
16/05/2007Millions of Brits can be expected to turn to loans.co.uk/debt-calculator.aspx">debt consolidation loans in the near future as credit card spending continues to rise.
Research from life assistance firm CPP indicates that Brits spend an average of £157,530 on plastic during the course of a lifetime.
Individuals fork out a staggering £3,540 on clothes, shopping, entertainment, bills and holidays every single year, the new report suggests.
More worrying, perhaps, is that fact that 28 per cent of people are now using credit cards for everyday purchases, including lunch and petrol.
Small purchases of this nature are considered particularly dangerous, as they tend to mount up without the card owner recognising the repercussions.
Experts continue to warn that inattentive card spending can exacerbate existing debts if users fail to monitor outgoings closely.
Research from Mintel, however, indicates that spending of this nature is continuing apace, with consumers in Britain spending around £10 billion on wine and champagne in 2006 alone.
Debt consolidation loans can prove exceptionally useful for those with unmanageable debts, by combining existing obligations into a single payment.
 © Adfero Ltd
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