Credit card debt statistics
- According to Credit Action, in July 2012, the nation's total credit card debt stood at £54.6 billion.
- Credit cards are in widespread use. According to the UK Payments Council, there are more credit and charge cards than people in the UK. The British Bankers Association (BBA) says that around two-thirds of all credit cards in the UK bear interest.
- Interest rates for credit cards are relatively high, making credit card debt particularly hard to pay off. According to Credit Action, in July 2012, the average interest rate on credit card debt was 18.03% – 17.53% above the Bank of England base rate.
Credit card debt help
The best way to use a credit card is to pay off the balance every month. If you’re unable to do this, pay off as much as you can. If you only pay the minimum amount on your statement, the interest will build up, meaning your debt will take much longer to pay off.
If you’re worried about your credit card debts then stop using your card immediately. If you’re struggling to meet your credit card payments, contact your card provider and let them know about your situation.
Credit card debt advice
If you’re struggling with credit card debt, our free online Debt Remedy tool will help you find the best way to deal with this and give you advice that is specifically tailored to your situation.
If you’d prefer to speak to us call our free Helpline on 0800 138 1111.