Britons 'must change attitude' to credit cards
08 March 2010 13:10:13
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| Credit cards should be treated differently by Britons. |
Mark Lyonette, chief executive of the Association of British Credit Unions Limited, admitted that there is a culture of convenience surrounding credit card usage across the country.
However, he noted that consumers should be wary of the dangers of acquiring multiple cards and should focus on saving to purchase rather than relying on plastic.
He said: "With minimum repayments, you could be on your 10th card and gradually leveraging yourself to the point where you are going to explode.
"There are some shocking things that are going on, and have gone on, in the credit market which are not just to do with interest rates."
Mr Lyonette's comments come after debt charity Credit Action revealed that total consumer credit lending to individuals was £225bn at the end of January.
The figures suggested that each Briton owes an average of £4,667 on retail finance and motor deals, credit cards, overdrafts and personal loans.
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