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Average Brit has three credit cards and an overdraft

Your Money
Written By:
Your Money
Posted:
Updated:
26/03/2013

The average UK adult has three credit cards and an overdraft, suggesting many people are living beyond their means.

More than half of Brits with a credit card use it a few times a week, while the majority (63%) said they used it for necessities rather than luxuries, research by discount website, www.MyVoucherCodes.co.uk, found.

The report also revealed more than half (55%) of Brits have an overdraft, with 49% saying they thought they would have it for the ‘foreseeable future’. Excluding a mortgage or student loan, the average Briton is in £2,010 worth of debt, according to the study.

Mark Pearson, chairman of MyVoucherCodes.co.uk, said: “It’s worrying to see that the average Briton has three active credit cards and an overdraft! People really shouldn’t get into the habit of spending money that isn’t theirs. Although a credit card is sometimes necessary for emergencies and can help boost your credit rating if paid off regularly, you should really pay the owed sum off at the earliest opportunity.

“If you end up having to get credit and you aren’t living within your means, you obviously shouldn’t be purchasing whatever it is you’re buying!”

 


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