Wallets full to bursting

More than three million Brits now have more than five plastic credit or store cards with which to juggle their finances, MoneyExpert.com has found.

A quarter of people increased the number of cards which they applied for in 2007.

Sean Gardner, chief executive of MoneyExpert.com, 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. However there has to be real concern if people are using cards to keep their head above water. Anyone who is trying to juggle five or more credit cards and owes money on all of them is in real trouble."

March 05^th 2008

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