Credit card debt pushes families on to "financial precipice"

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Credit card debt pushes families on to "financial precipice"

Fri 12th Mar 2010

Graham Lund, managing director of Callcredit Information Group, stated that consumers often had families to support and an unexpected expense would prove disastrous.

He said: "What is of real concern is that some people are deliberately over-inflating their income when applying for credit in order to increase their credit limit."

Callcredit found that one in four homeowners believed a £300 decrease in monthly income would make them unable to meet their mortgage repayments.

There was an exponential rise in the number of people who stopped paying off their credit card bills as they got older, revealing 35 to 45-year-olds to be the worst culprits.

Speaking for the government, Lord Faulkner of Worcester said that a total of £61.5 billion was owed by people to credit card companies in January, the Press Association reported.

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