Millions of Brits hold five or more credit cards
Published On 4 March 2008
Over three million adults in the UK hold five or more credit cards, new research ahs indicated.According to a study conducted by independent financial comparison website MoneyExpert.com, Brits are continuing to rely on plastic as the impact of the credit crunch continues to have its effect.
It was found that borrowers have either accumulated large debt which they are no transferring to avoid paying interest, or else have lots of cards to help "keep their head[s] above water".
The research also showed that 28 per cent of people applied for more credit cards in 2007, with eight per cent applying for two or three cards.
Commenting on the findings, Sean Gardner, chief executive of MoneyExpert.com, said: "The credit crunch hasn't finished the British love affair with credit cards yet with millions of us still holding five or more cards.
"However, there has to be real concern if people are using cards to keep their head above water. Anyone who is trying to juggle five or more credit cards and owes money on all of them is in real trouble."
