Brits still 'in love with plastic'

Millions of UK consumers own five or more credit cards, according to new research.

Over three million people in Britain have this many credit cards despite the current concerns over the economic climate, according to MoneyExpert.com.

Nearly three in ten people applied for more credit cards last year, with 21 per cent applying for one card, while nearly 30 per cent applied for two or three.

Sean Gardiner, chief executive of MoneyExpert.com, commented that while it is acceptable for people to swap debt from one card to another to take advantage of better deals, people should be wary of letting their debt get out of control.

"The credit crunch hasn't finished the British love affair with credit cards yet, with millions of us still holding five or more cards," he said.

"There has to be real concern if people are using cards to keep their head above water. Anyone who is trying to juggle five or more credit cards and owes money on all of them is in real trouble."

One in three people are concerned about their ability to manage debt, according to the financial comparison website.

Shopping around for a cheap loan may help people to consolidate their debt.