Credit card borrowing fades as payday loans rise

Demand for credit cards is ‘feeling the strain’ as UK borrowers turn to other forms of finance, a report has said.

Households paid off some unsecured debts in 2011 but were still left with an average debt of about £7,900 according to PricewaterhouseCoopers.

They went on to say credit cards were facing a ‘mid-life crisis’ as people used debit cards, digital payments and payday loans instead.

Read the full article at bbc.co.uk

 

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