/24-7PressRelease/ - LONDON, UK, August 19, 2006 - Britain's summer credit card spending is expected to be 35 per cent higher than at the same time last year. The increasing spending through credit cards is a potential danger moving towards ever increasing credit card debt problems.
Britain's summer credit card spending is expected to be 35 per cent higher than at the same time last year, according to the Morgan Stanley Card Index.
The elevated spending pattern on large and small items will boost the credit card bills, between July and September 2006, as per what the index suggests.
Overseas holidays and other travel expenses are expected to account for 331 of an average Briton's credit card spending, which is 110 more than the same time last year.
Apart from this, Home improvement and car finance will take up the second highest proportion of card spending.
As a matter of fact, men and women are estimating different levels of credit card spending; the latter expect to spend 1,296, while men believe they will use up 976 in the three-month period.
"Shoppers are also becoming increasingly savvy when it comes to being rewarded for the purchases they make and with a raft of schemes available, from high-street discounts to cashback, spending on credit cards is becoming more appealing than debit cards," said Morgan Stanley's Patrick Muir.
This however shows a deeper cause on the rise; more and more people would hence be unable to repay, thanks to the high interest rates on these credit cards. Realising the gravity of situation; we should also be informed about the potential threats and thereby their solutions such as credit card debt consolidation loans to enable us make an informed choice about our finances.
For additional information on how credit card spending work, contact webmaster or visit http: http://www.debt-consolidation-park.co.uk
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