They were designed for short term convenient borrowing, but have credit cards contributed to building long term debt?
StepChange debt charity, has warned that credit cards have become a “dangerous long
Being in debt can be a stressful time, so it's little wonder that people lose sleep over it. But, just how much people lose could surprise you, with research from Zopa finding that those with money worries lose an average of 2.1 hours sleep per night.
Personal debt has hit the £180 billion mark (not including mortgage costs) and was revealed to be more than the annual budget for the NHS. The research which was carried out for BBC News, analysed personal loans, credit and store cards.
The latest statistics provided by The Money Charity show worrying signs that debt levels in the UK are not slowing down, leading to increasing concerns that lessons from the financial crisis of 2007-2008
One in five of lone parents said they had lost £100 a month or more since benefit reforms were introduced in April 2013. Nine out of 10 said they had been forced to cut back on spending on basics such as food and children's clothes, with two-thirds skipping meals to ensure their children had enough to eat.