(1888PressRelease)
May 20, 2007 - A research by CPP, a life assistance company, reveals that consumers are getting too much used of paying with credit cards. On an average, a Brit uses credit cards to pay for £150,000 worth of purchases during his lifetime.
Credit cards, another form of unsecured loans, provide borrowers a convenient way of borrowing money. An average Brit uses a credit card to pay £2,540 every year of his life, taking the national total to almost £5.25 trillion.
In another instance, a survey by equity release specialist Key Retirement Solutions reveals that an average pensioner owes 9,098 pounds in personal loans, 7,551 pounds in credit card debt, 3,215 pounds in overdrafts and a further 15,616 pounds in other unsecured debts, such as store cards and car finance schemes taking the total to 35,480 pounds.
This data covers only unsecured loans and its above variants.
The debt culture in UK is fast expanding with more and more people falling for unsecured loans and credit card debts. These types of debts are quick to avail and add to the convenience of borrowers.
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