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During 2011 We Gave Credit Cards A Workout

by Vincent-Strong-Editor-UK-Fast on February 6, 2012

in credit cards

Whether they had good or bad credit cards, UK consumers were not shy about using them in 2011. In its recent report, the Skipton Building Society revealed that last year, the average Brit used credit cards 267 times.

During 2011, the typical consumer spent over £17,000. It seems that even a sluggish economy has not prevented Brits from whipping out their plastic.

With such a high level of spending, one would guess that only big-ticket items were purchased. This is incorrect, as many Brits used their credit cards for living expenses.

The largest proportion was spent on food and fuel. Respondents spent £2,690 during 25 trips to the food market and £2,233 for 23 fuel tank refills. However, beverage purchases were also substantial, representing £492 total during 12 trips.

One-third of those surveyed admitted to using their good and bad credit credit cards more in 2011 than just one year before. Some went on holidays, adding £1,392 to their credit card bills.

Others enjoyed nights on the town at a total cost of £761. Still others hit the stores, spending £527 on shoes and over £874 on clothing.

Then there were the unexpected expenses like car repair bills, which represented £703 for the typical British consumer. Medical expenses included doctor and dentist visits and medicine, representing £418.

Even commuting expenses were substantial, adding £512 to the credit card bill of the average consumer.

Surveyed Brits with credit cards for bad credit and good began 2012 with a card balance of £2,271, on average. Close to half of them said they were not worried about the debt.

They may reconsider when they realize it will take nearly 25 years to repay this balance through minimum payments. With a 17 percent credit card interest rate, they will pay an additional £2,812 for this convenience.

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