The UK credit limit is close to £177 billion, with almost ten per cent of adults having access to over more than £20,000 credit, it has been revealed.
In addition to the £177 billion credit limit, Brits already owe £64.7 billion in card debt, according to price comparison site Moneysupermarket.com.
The most common credit limit among UK consumers is between £2,501 and £5,000, although many Brits have access to as much as £20,000.
But Rob Kenley, head of credit cards at moneysupermarket.com, said that the figures are not as worrying as they might appear.
"Almost four million cardholders could each get into over £20,000 of credit card debt yet the average outstanding balance for all cardholders is £2,060, suggesting consumers could be getting savvier about the perils of too much borrowing on plastic," he stated.
"Having credit is no bad thing as long as it used prudently and these promising figures show, on the whole, consumers are behaving sensibly."
According to Datamonitor, total consumer debt in the UK now stands at a record high of £1.3 trillion.
|