More creditcards than there are people in the UK?

[sonyse2t5]

http://www.creditaction.org.uk

[iva experts]

Thanks for the information sonyse2t5, the figures are amazing, what made me sit up was the fact that in August 2007 the total credit card debt was £53.4bn..crazy!

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[Oliver]

Interesting reading. Thanks for posting.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[sonyse2t5]

I have signed up for their debt information which they send out on a monthly basis.This is the best compilation of debt stats I have seen anywhere. A true unbiased picture. This is a health warning on debt that very few know or have seen.

I never though of mortgages as a debt compared with credit cards but they are a debt but an essential debt.Even discounting those as we all need a place to live the rest of the unsecured borrowing is a travesty. if 75% of the 53% plus billion of creditcard debts are according to BBA accruing interest then many are misusing the card

Having many credit cards dents your credit worthiness, which I have never been told.I had 13 cards. Madness. Why do lenders then give them to you when you apply in the past? Were they laying the course for an IVA or BR.

They NOW ask on the application these days -have you got other credit cards -finally that's taking a responsible line I suppose.

Lenders like Barclays are declining applications and lowering credit limits.

I was intrigue to see that CCCS had done research around debt and the young. For this group of IPOD lovers having the latest goods is a must and credit is the way.

[Adam Davies]

Hi
That's interesting,I always thought that the more cards you had the better your rating.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp