More Brits expect to continue using credit cards in 2012

By Sarah Engle, Tue 24 Jan 2012 - Published in Credit Cards

British consumers have admitted they will continue to use credit cards to make ends meet throughout 2012.

New research by Gocompare.com has found that UK users will still be paying back debt on their credit cards during the coming year. The website found that over a quarter (26 per cent) of people expected to owe money on their plastic whilst one in ten (9 per cent) are relying on cards to help them through 2012.

Whilst the survey showed that consumers were worried about the rising costs of bills and loans, food shopping and travel costs were found to be the main outgoing cost of the average household.

Jeremy Cryer, Gocompare.com's head of credit cards, said "The rising cost of living is placing a strain on many families and credit cards are being used to temporarily ease the pain. If used carefully, plastic cards can be a useful budgeting tool, but when used to plug a gap in everyday spending, card debt can quickly spiral out of control."

Recent research by uSwitch found that consumer confidence in credit cards had reached an all time low with many users starting 2012 in debt following a costly Christmas period.

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