Post Office’s research study stated that more than 34% of credit card holders, which is about 11.5 million people in UK relied on their credit cards for their everyday living costs. In addition the Post Office Consumer Credit Report discovered that 43% of credit card holders swiped their cards for grocery shopping alone, which is usually the major part of regular expenses. This is considered to be the sign of financial distress by many lenders.
The Post Office's findings may be explained partially by
Another research published by Asda last week, partially detailed Post Office’s finding, which showed that as compared with December 2009 family spending on power fell to £172 with about a drop in £8 a week in December 2010.
Although one third of them admittedly depended on credit card to while away every month, at least one out of ten said that they had to use their card in January until their payday. Many said that this is because the employers would have paid the December salaries early for Christmas shopping and thus monthly salaries would stretch up to six weeks until the end of January. This period becomes a financially exacting and is the only period during the year when they use credit cards to its maximum.
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