Credit card debts pass £1,000
The average credit card holder has over £1,000 of debt – the first time average borrowings have gone into four figures.
This follows figures released by debt charity Credit Action, who indicate that last month saw the average borrowing per credit card increase by 5 per cent.
The figures also reveal that the average interest rate on credit card lending is currently over 18 per cent, compared to the Bank of England base rate of just 0.5 per cent.
People who are worried about racking up credit card debt may wish to consider getting a prepaid credit card.
With these pay-as-you-go cards, you can only spend what you put onto the card and not a penny more.