British shell out £17,000 in year of the credit card

THIS year was yesterday dubbed “the year of the credit card” after it emerged the typical Brit flashed the plastic 267 times – shelling out more than £17,000 in the process.

The findings emerged in a report based on feedback from 4,105 people, which details exactly how cardholders used their credit cards over the past 12 months.

Food and petrol were the biggest spends, with an average of £5,000 spent on the staples in 48 separate transactions.

The findings demonstrate how people are now turning to their credit cards to cope with essential lifestyle costs – such as bills, rent, car and medical expenses and transport.

But not everyone relied on their flexible friend for essentials alone. The report indicates that once a month people also stocked up on booze, or took trips to the coffee shop, spending a grand total of £491.76 in the process.

Jet-setting Brits thought nothing of whacking £1,392.26 of holiday expenses on the credit card. For some this was the only way they could afford their annual break.

People even resorted to using their credit cards 14 times across the last year to afford nights out with friends and family – totting up £761.08.

Tracy Fletcher, of Skipton Building Society, said: “Credit cards can be useful if managed correctly, but this research indicates how easy it is for people to get into the habit of using their cards to pay for things they want – living beyond their means.”