Credit Cards and Borrowing a Very British Way of Life; FINANCE
Britons are twice as likely to have a credit card as people in any other country in Western Europe, a report has shown.
The average Briton had 1.4 credit cards in their wallet at the end of 2006, twice as many as second-place Norway, where people had an average of just 0.7 of the cards each, according to market analyst Datamonitor.
At the other end of the scale only one in every 16 cards in Germany is a credit card, rising only slightly to one in 10 in Sweden, Denmark and France.
Britons' extensive use of credit cards has seen them collectively run up pounds 54.93 billion in plastic debt at the end of 2007, according to Bank of England figures.
Questia, a part of Gale, Cengage Learning. www.questia.com
Publication information: Article title: Credit Cards and Borrowing a Very British Way of Life; FINANCE. Contributors: Not available. Newspaper title: The Birmingham Post (England). Publication date: February 15, 2008. Page number: 25. © 2009 Birmingham Post & Mail Ltd. COPYRIGHT 2008 Gale Group.
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