Thursday 18th of November 2010
Brits racking up their spending on credit cards may decide to start asking individual voluntary arrangement (IVA) questions if their debt burden becomes too great.
An investigation carried out by Sainsbury's Finance found 21 per cent of purchases will be made through the use of plastic finance.
However, despite Brits opting to use this form of payment to fund their shopping, the study revealed that almost half of individuals using credit cards received no loyalty bonus for using them for purchases.
On average, men are more likely to turn to plastic for their spending, with a typical male using the financial products for 22.6 per cent of their monthly outgoings - excluding mortgages and rent - compared to 19.7 per cent for women.
Earlier this week, Justin Modray from candidmoney.com said individuals are now suffering from a build-up of debt that has resulted from the buy-now, pay-later attitude that has existed in the UK over the past 15 years.
By Neil Burton
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- Britons 'changing attitudes' towards debt management
- Homeowners 'more concerned with debt management'
- Low interest rate 'contributing to debt management efforts'
- Debt management growing in importance, survey finds
- Consumers get ready for 'financially difficult' 2011
