Brits are relying too heavily on credit cards, new research from moneysupermarket.com, reveals, increasing reliance on payday loans too.
The research claims that one in five of us carry more than three credit cards and that 17 per cent of credit card holders use their card at least once a day, with a further 28 per cent using their card at least once a week. Over 14 million Brits are using their credit cards to fund day to day expenses.

Credit Card News: One in Five Own More than Three Credit Cards

The most popular use of credit cards was to purchase goods online, with more than half (56 per cent) of credit card holders using their card for this purpose. 40 per cent of credit card holders also use their plastic for day to day spending.

But it does seem that the stereotype of shopaholic women maxing out on their credit cards is nothing more than an urban myth: men are more likely to spend on credit cards than women.

One in four men (26 per cent) has three or more credit cards, just 16 per cent of women have exposed themselves to this level of credit, with a third of women not owning a credit card at all, compared to a quarter of men.

Only half of all female credit card holders (49 per cent) flash their plastic more than once a month, but half the boys (49 per cent) use theirs on a weekly basis.

Worryingly in other research published by Moneyfacts.co.uk it was revealed that the cost of borrowing money on a credit card is now at a 12 year high, with banks and credit card companies increasingly reluctant to lend to those deemed a risk.

'The UK continues to suffer from a high level of unemployment and providers are worried about the increased risk of customers not repaying their debts,” said Michelle Slade from Moneyfacts.co.uk.

As a result of the increased cost of borrowing on credit cards, many consumers are turning to other forms of lending, notably payday loans, in particularly as more customers continue to lose faith in their banks. Read more: Bank Charge Britons Lose Trust in Banks

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