Post Office Credit Cards: Millions rely on credit for everyday expenses

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Post Office Credit Cards: Millions rely on credit for everyday expenses

Post Office Credit Cards has conducted a survey which reveals that millions of people in the UK still rely on credit for their everyday expenses, despite the credit crunch.

The research shows that ten million adults intend to use their credit cards to cover day-to-day living expenses such as grocery shopping during the first part of the year.

Post Office found that 2.6 million people actually intend to spend more on their credit cards than last year, despite the financial crisis and the ever increasing risk of redundancy for many workers.

Az Alibhai, Post Office head of lending, said: "In the current climate, many people have little choice but to rely on their credit cards to fund more expensive purchases.

"However, what is worrying is the trend for people to continue to rely on their cards for basic day-to-day purchases."

With the Bank of England widely expected to cut interest rates further this week, obtaining credit could become cheaper. However those with savings accounts may find their interest-based income is reduced.

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