Credit cards and short-term loans are a way of life

11 May 2005
Research from online credit information provider MyEquifax has revealed the degree to which the use of credit cards, short-term loans and overdrafts are a way of life for most British consumers.

Young people are the most blas about debt, with almost 30 per cent of 26 to 40-year-olds regularly running up short-term debts of more than £5,000 and a fifth using their overdraft every month.

In fact, MyEquifax found that almost 40 per cent of consumers in this age group could not survive for more than a month if they lost their job, as they are so dependent on their monthly salary.

Older people are no stranger to credit cards and loans, however - MyEquifax found that 31 per cent of those aged 51 to 70 have short-term debt of over £5,000, 32 per cent have four or five credit cards and 13 per cent have six to ten cards - the highest of all the generations.

"Clearly there is a requirement for consumers to have the best possible understanding of their credit and debts," Neil Monroe of MyEquifax commented.

With credit cards a central part of most people's monthly balance sheet, it's vital to know that your card works well for you, and is getting you the best possible deal.

Click here to compare the best credit card deals around.

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