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Multiple Cardholders on the Increase in the UK

Thursday, June 5, 2008

A recent report has shown that the number of multiple credit card holders in the UK is on the increase, as consumers struggle to weather the effect so rising living costs and bills as well as tighter credit conditions. Whilst there have always been many people that have held multiple credit cards, a recent report has suggested that the number of people with two or more credit cards has risen, with people becoming increasingly reliant on credit cards as the credit crunch continues to bite.

There are now concerns that whilst many consumers may feel the need to have multiple credit cards in order to keep on top of things financially, many could end up getting themselves into a financial mess by getting themselves into huge levels of debt with their various credit cards. With consumer debt levels already at sky high levels this could simply add to the financial woes that consumers in the nation are experiencing.

Officials have also expressed concern over the fact that there are some consumers that have now found themselves in a situation where they are having to make repayments on one credit card using another, which indicates that they are already in a financial mess and are getting themselves deeper and deeper into debt. Consumers that find themselves in this situation are urged to seek advice and assistance from debt agencies or counsellors in order to find a more effective way to deal with their credit card debt.

Another worrying factor is that many people are using their credit cards to make payments on bills, other debts, or even their mortgage. Whilst industry officials acknowledge that this may be necessary on the odd occasion, anyone that finds themselves doing this regularly also needs to assess their finances and seek help if necessary.