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Newsletter

Brits ignore PM to keep on borrowing

By Sarah Engle, Thu 1 Dec 2011 - Published in Credit Cards

British consumers are ignoring the advice handed out by the prime minister and are continuing to borrow money on credit cards.

At the Conservative party conference last month, David Cameron said that the only way to get out of debt for the UK was for people to start paying back what they owe.

However, a survey conducted by SaveOurSavers.co.uk has discovered that British consumers are now spending even more money through their plastic friends rather than saving.

The research discovered that £1.75 billion had been collectively added to the credit card debt of the UK.

Recent MoneySupermarket.com research found that 11 per cent of Brits will turn to credit cards this year to fund Christmas as finances tighten.

Save Our Savers spokesperson Simon Rose, said: "Keeping base rates at an artificially low level of 0.5 per cent for almost three years has convinced people that interest rates will remain low. They will have to rise at some stage, but households are clearly unprepared for the shock."