People 'will spend £5.25 trillion on credit cards'
Published On 17 May 2007
Over the course of the typical Briton's life, they will spend over £150,000 on credit cards, new research suggests.Life assistance company CPP found that the combined total amount that UK consumers will spend with credit cards over their lifetime is likely to reach £5.25 trillion. This means that the typical consumer will spend £157,530 on plastic before they die.
The data shows that people spend an average of £3,540 on holidays, cars, clothes, shopping, and bills every year on cards.
However, CPP's figures also revealed that 28 per cent of people use their credit cards to make everyday purchases for things like lunch, petrol and food.
"The results of this survey show how popular paying by credit card has become and that people now rely on their flexible friends to fund everyday life," explained Zoe Manton, head of card protection at the firm.
Data published by charity Credit Action found that a third (32 per cent) of people in the UK admit to lying to their partners about how much they spend on credit cards.
Despite this, the British Bankers' Association recently reported that underlying credit card borrowing in the UK fell by £0.1 billion in March.
