Consumers in Britain spent more than £120 billion on credit cards in 2003. In September 03, credit card debt balances hit a record £52.2bn (Source, Market Analysts Mintel). Mintel say that 10% of credit card holders (around 2-3 million consumers) struggle to pay off the interest on their accounts each month, and permanently have an outstanding balance on their cards.

There are 63.9 million credit cards in the UK more than one for every man, woman and child. In 2003, consumers in Britain spent more than £120 billion on these credit cards, a report by market analysts Mintel found. Britain is now the only country in Europe with more credit cards than people.

Nearly two-thirds, 62%, of households with incomes of £25,000- £34,999 fail to clear their card debts each month or have other forms of unsecured borrowing. For those with incomes of £35,000 to £59,000 the proportion was 58%, and for those with £60,000 or more, 48%.