Credit cards - predominant feature of debt
www.moneynews.co.uk > Credit cards > Credit cards - predominant feature of debt
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Companies |
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Money News |
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Credit cards - predominant feature of debt
Tue 31st Oct 2006
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According to the research, 91 per cent of serious debt instances arise due to a credit card debt and the total personal debt in the UK stands at £1.1 trillion.
One possible instigator for the large amounts of credit card debt affecting UK citizens could be advertising campaigns by banks that seek to get customers taking out credit cards.
When quizzed if he believed credit card advertising required an increase in the level of restrictions imposed upon it, Chris Tapp, associate director of Credit Action, a national money education charity, replied in the affirmative.
"Advertising is a major issue. When it comes to credit cards, one thing we do see a lot of is this 'cold-mailing'. In 2005, banks and finance companies sent out 1.26 billion items of junk mail. Per adult that works out about 27 letters each. It's an enormous number," he remarked.
Related News : Credit cards |
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