Credit Card Debt Problems 'Largely a Myth'
Mori poll shows that fears of credit card debt meltdown are overstated
4th June 2004
The popular image of Britain being a nation drowning in unsustainable credit card debt is largely a myth, according to a Mori poll of 48,000 people.
While the nation as a whole owes £50bn on credit cards, only half of this debt is 'true' debt, as people are increasingly using their cards for day to day spending but clearing substantial portions of their balances every month. Indeed, around 70% of people clear their balances completely.
The report estimates that only 5% of people with credit card debts are 'problem' card users who do not have the necessary finances to cope with their debt, while even if the economy worsens significantly, most people will still be able to service their debts.
Read More: BBC Report
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