Source: CreditandCollectionsWorld.com and SourceMedia, Inc.
Eleven percent of British consumers have “maxed out” their credit cards over the past six months, suggest the results of a survey for United Kingdom-based financial comparison Web site uSwitch.com.
The online survey occurred in November and involved 2,066 adults ages 18 and older. The survey results paint a dim picture for borrowing, projecting that 10.3 million Britons will have debt that “either borders the unmanageable or is no longer manageable,” according to uSwitch.
“More than half our take-home pay is now eaten up by debt repayments,” Ann Robinson, the site’s director of consumer policy, says in the statement. USwitch’s research suggests that about 10 million British consumers will have to cut back on retail spending and major purchases such as home improvements and that many will put expensive vacations on hold.