Debt Management Blog

Credit Card Debt as Being Used by Millions for Day to Day Living

The Government’s expenses cuts and rising inflation is causing a major impact on families and this is explained very well in the research done by the Post Office.

Millions used their credit card in the month of January 2011 for their daily purchases, according to the fourth annual Post Office Consumer Credit Report. It is clearly mounting pressure on household finances of families.

The report further explained that more than 11.5 million people which is approximately one third of credit card holders relied on credit cards to fund their daily purchases mostly for groceries.

January was a difficult month because many people got their salaries earlier in the month of December and people had to stretch their salaries for up to six weeks.

But many people possess more than one credit card and almost one fifth of men have three or more cards.

Use of excessive credit cards is the sign that finance has not been managed properly. In this situation people should immediately seek help of Debt Management companies.

Last year about 2.6 million Britons paid their mortgage using their credit card. That is about 50% raise from the previous year.

If you are struggling with Credit Card Debts, act now and speak to one of our debt advisors today because the sooner you address this problem the better it is.

Our IVA (Individual Voluntary Arrangements) Debt Management Plans and Debt Advice. Insolvency, Bankruptcy, Self Help products are beneficial to you in managing your debt, the earlier you sort this out the better it would be. Please contact us on 0800 9546 205 for further information.