Credit cards bridging payday gaps

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ALMOST half of British ­consumers are relying on ­credit cards to bridge the gap between paydays, a report has claimed.

More than two-thirds of people are finding it difficult to make their salary stretch far enough to pay bills and cover living costs every month, with 49 per cent turning to credit cards to plug the deficit.

The average pre-payday overspend on a credit card is £180 per person. Householders have increasingly found their budgets squeezed due to the spiralling costs of food and utility bills, as well as the rising price of petrol.

Four out of ten people say they blame their tendancy to overspend on the ever-increasing cost of living but more than a quarter admit that unnecessary spending is the cause of their financial shortcomings.

Andy Oldham, managing director at cashback website Quidco, said: “Britons are undoubtedly still feeling the pinch when it comes to money management, as the financial climate fails to improve.

“Credit cards can be a tempting option, but there are other ways to soften the blow when making necessary purchases.”