Credit cards are 'extremely popular way to borrow and spend'

Credit cards are still popular with consumers in the UK, it has been claimed.

When it comes to spending and borrowing, plastic is one of the Britons' most desirable financial products, according to Credit Action.

Recent research from MoneyExpert.com suggested that over three million people in the UK have five or more credit cards.

Chris Tapp, director of Credit Action, has echoed these claims, stating that, although their figure would be lower, credit cards are "an extremely popular way of borrowing and a lot of people hold multiple credit cards".

However, Mr Tapp stated that the amount of money being borrowed is lessening due to the fact that banks are tightening up their lending criteria.

"What we have seen in the past 12 months is a levelling off in the amount people are borrowing on credit cards," he said.

It was recently claimed by Unbiased.co.uk that people in the UK had to work some 70 days in order to pay off the interest alone accrued on their debts this year.