20% cannot avoid their credit cards
By MoneyhighStreet Staff. Published on September 1, 2008 This post currently has one comment.
Britons still resort to credit cards despite setting themselves monthly budgets to curb spending.
One fifth (20 per cent) of Britons still are still using credit cards to take them out of trouble on a monthly basis, research has shown.
According to a survey by PayPal, 15.9 million Britons regularly go over any monthly budget they set themselves by an average of £123.
Some 78 per cent of consumers admit to setting themselves budgets on a monthly basis to help them cope with the current financial difficulties they face, yet a proportion still resort to their credit cards.
Carl Scheilbe, managing director at PayPal UK, explained that consumers are clearly struggling to stay within the confines of their budgets.
He said: "Setting a budget and then sticking to it are two very different things.
"It''s concerning that so many people claim to keep to their budget, yet still rely on credit cards or savings for basic living costs. The consequences of this kind of strategy are soaring credit card bills and no savings to fall back on, which is dangerous territory."
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