UK card holders 'credit dependent'

Jan. 15, 2008 - PRLog -- Recent research on behalf of the Post Office shows that UK credit card holders are becoming increasingly dependent on their plastic to fund their everyday living expenses.

According to the Post Office  fewer than half of the UK's credit card users can pay off their bills each month, and millions of people are believed to use credit for daily necessities such as groceries – with many more expected to make major purchases on their credit cards in 2008.

Gary Fitton, the Post Office's Director of Lending, said:

"Typically January is the time of year when people struggle with their money the most. Many people over-stretch themselves over the Christmas period and have little choice but to use their credit card in the new year."

According to the Association for Payment Clearing Services (APACS), the UK payments association, the amount of money spent on credit cards in the UK increased threefold between 1997 and  2006.

Notes to editors

Credit Card Genie allows users to compare credit cards online, and is part of Genie Group.

Genie Group Ltd is a leading independent provider of internet comparison shopping services in the UK, and was set up in 2004 by Philip Wilkinson (co-founder of Kelkoo UK). Genie Group's unique selling point is 'the Genie', which makes personal recommendations to internet shoppers based on ground-breaking, intelligent technology. This gives Genie Group the ability to provide an enjoyable and satisfying internet shopping experience, and deliver an unmatched quality of sales leads to our affiliate merchants. Genie Group launched its flagship broadband comparison service Broadband Genie in January 2005.

More information can be found at Credit Card Genie . Please direct all media enquiries to Ciaron Dunne. Interviews with Philip Wilkinson can be arranged on request.

Website: www.broadbandgenie.co.uk