Credit Card Debt "Overstated, Over Reported And Largely A Myth"
The majority of credit card holders in the UK use their credit cards wisely and have sufficient assets to service credit card debt -- even if the economy deteriorates -- according to a new report by MORI Market Dynamics.
It is widely assumed that the credit card is the scourge of the nation -- official figures suggesting there are some 61 million cards with an average household debt of 1632100 -- with consumers spending over 163130 billion on their cards in 2003 resulting in 16350 billion of arrears. However, MORI Market Dynamics believe these official figures are often misunderstood and generally misinterpreted.
The special report 'The Credit Card Myth' -- part of the latest Forecasts | Consumer Finance study -- contains a segmentation of credit card users and details each group's characteristics, their propensity to use credit cards and their ability to pay off the balance. It also forecasts both actual spend and future use of credit cards by consumers.
Forecasts | Consumer Finance is a unique syndicated forecasting service covering all the major consumer finance markets from life saving to motor insurance.
MORI Market Dynamics has been involved in financial forecasting since its foundation in 1996 and has provided forecasts and planning guidance for Royal and SunAlliance, Friends Provident, First Direct, Marks and Spencer Money, Royal Liver, Royal Bank of Scotland and National Savings and many others.
