Many younger consumers ‘frequently using plastic cards’

It might be hard for some younger consumers in the UK to get over the idea of spending heavily on their credit cards, an expert has suggested.

According to Jasmine Birtles, founder of moneymagpie.com, a number of those in their 20s and 30s have grown accustomed to buying products with the help of plastic cards.

She stated: “You’ve still got people in their 20s and 30s who just can’t bear the idea of cutting back, they can’t bear the idea of not having what they have had before.”

Many of these consumers already have financial debts to contend with, Ms Birtles went on to say.

Student debt is among the financial issues they may be having to address at present, she continued.

This month could see as many as eight million of the nation’s consumers enter their overdrafts, new figures published by the Association of Business Recovery Professionals (R3) have shown.

Source: www.vanquis.co.uk/news