Beware of the debt that can outlive you

"During the last generation, we have moved from an era where credit was hard to come by, where people saved up to make large purchases and where many more people lived within their means, to now where we see credit being used by many as an essential tool to meet day to day living and to make those more expensive purchases...

"But by relying on plastic to supplement to our income, rather than to manage our cash flow, it's easy to see how some people can be caught in a debt cycle, facing a lifetime of debt. In August it was reported that £53.4 bn was owed on credit cards, with 74.3% incurring interest, based on an average rate of 14.9%.

It is easy to see that it's a lucrative business for the card providers, taking a slice of a £6 bn annual interest bill.

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