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.

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