People who have been hit with credit card charges in the past appear to be undeterred about using plastic, as one in four Britons will carry a card in 2012. A new study conducted by comparison website Gocompare.com has found that the rising cost of living has forced more people to rack up credit card debt. Indeed, one in ten said they would be reliant on their plastic in order to make ends meet this year, a figure that the website's head of credit cards Jeremy Cryer labelled as "worrying". He added that many consumers are resigned to the fact that their levels of debt will grow in 2012, but he urged them not to fall foul of high interest rates. "If used carefully, plastic cards can be a useful budgeting tool, but when used to plug a gap in everyday spending, card debt can quickly spiral out of control," he commented. Last week, a study conducted by YouGov on behalf of Shelter showed that more than one in five UK residents have purposefully reduced their electricity and gas consumption in order to meet mortgage payments. Samantha ClarkeSamantha is a former banking assistant and has over ten years experience in retail banking.
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