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Credit card debt `worse in north`

13/06/2007

Credit card debts are larger in the north of the UK than elsewhere in the country, it has been suggested.

A study by data analysts CDMS looked at the number of people who carried credit card debt from month to month and found that northern cities such as Liverpool, Newcastle and Glasgow topped the list, according to Fair Investment Company.

These cities have the highest percentage of consumers who only pay the interest on the credit cards, while ignoring the balance, the figures indicate.

"This analysis shows a stark contrast between usage of rolling credit card debt in the more northern parts of the UK, compared with the southern swathe," the news provider quotes Ian Hubbard of CDMS as saying.

"These indicators should be grasped by government economists and policy makers as a sign that further regeneration efforts are needed away from London`s sphere of influence."

More than 80 per cent of Britons admit that they regularly overspend, according to Credit Action.

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