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Credit card usage to increase in January

By Sarah Engle, Thu 5 Jan 2012 - Published in Credit Cards

The number of people in the UK that rely on credit cards has increased in January compared to 2011 figures.

Research by the Post Office found that consumers in Britain are still counting the cost of the Christmas period and are struggling with the rising price of winter fuel bills.

The company's annual Consumer Credit Report found that over 12 million will spend the first month of 2012 relying on credit cards to help pay for bills and living costs. The figure is a two per cent rise on the same period in 2011 with 38 per cent of Brits increasing their credit card spending by £200.

Az Alibhal, from the Post Office, said: "Whilst it is good to see so many people intending to manage their credit card purchases and repayments sensibly, there are still too many people who aren't thinking of the consequences."

Experts have also warned consumers not to turn to high interest payday loans to pay for mortgages and rent payments.