A large number of UK consumers possess more than five credit cards, according to new research.
Some 2.7 million Britons own at least five credit cards - either by switching deals or accumulating large levels of debt, a study from MoneyExpert has revealed.
Additionally, one in five UK adults have three or four credit cards, while 52 per cent own one or two.
In total, 77 per cent of British adults possess at least one credit card, the research showed.
Sean Gardner, chief executive of MoneyExpert, referred to credit cards as the "Achilles' heel" of UK borrowing - as low repayments discourage Britons to clear debts.
"The British love affair with credit cards continues. It is healthy if people are switching cards and clearing debts but people are kidding themselves if they rely on moving from one card to another just to avoid repaying their debt."
Recent research from the European Security Transport Association found that Britain was the credit card capital of Europe, with 20 per cent of adults targeted.
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Many Britons own more than 5 credit cards, study shows
Mon, 11 Dec 2006
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