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Over 3m Brits `have 5 or more credit cards`

05/03/2008

Over three million UK consumers own more than five credit cards each, despite increasing personal debt problems and the effects of the credit crunch, new research has revealed.

Credit card debt is continuing to mount in homes across the country as many people keep relying on their plastic friend for spending, a study from MoneyExpert found.

The survey also found that 28 per cent of those that already have a credit card regularly apply for more plastic each year, while 78 per cent of adults in the UK now own at least one credit card.

Sean Gardner, chief executive of MoneyExpert, said: "The credit crunch hasn`t finished the British love affair with credit cards yet with millions of us still holding five or more cards.

"That is entirely healthy if people are swapping debts from one card to another taking advantage of zero per cent deals to ensure that that they pay as little interest as possible."

Recent research from Credit Action showed that, at the end of January, the average UK consumer owed £4,748 in credit card debt, personal loans and overdrafts.

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