Credit card debts a big worry

Published on 17 May 2010 by Raffick Marday

Credit card debts a big worryA third (32 per cent) of consumers are worried about debts built up on their credit cards, new research has revealed.

Roderick Logan from Datamonitor comments that a mix of their debt and the high APRs offered on consumer credit are changing people’s attitudes to borrowing.

The average interest rate for cards is over 18 per cent – much higher than the Bank of England base rate of 0.5 per cent.

He goes on to mention that credit card debts are causing more sleepless nights than other forms of loan, as consumers use plastic daily, whereas overdrafts and personal loans are less obvious on a day-to-day basis.

However, Datamonitor’s figures go on to state that the level of consumer credit is expected to rise next year.

Whilst it is expected to drop to £24bn this year, it is estimated to rise to nearly £26bn (25.8bn) in 2011.

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