Britons spend over £150,000 on credit cards

Life assistance company CCP has discovered that over the course of a typical UK resident's life, they could spend over £150,000 on credit cards. It's estimated that the total combined amount that UK consumers will spend over their lifetimes on credit cards will top 5.25 trillion GBP which means a typical consumer will happily spend £157,530.

There's some interesting trends within the data which shows on average people spend £3540 on nice things like holidays, cars, clothes, shopping using their credit cards. However, the figures also revealed that people use their cards for everyday purchases like lunch, petrol and food which also adds weight to the introduction of contactless credit card technology.

"The results of this survey show how popular paying by credit card has become and that people now rely on their flexible friends to fund everyday life," explained Zoe Manton, head of card protection at the firm.

Additional data published by the charity Credit Action has also revealed the 32% of people in the UK lie to their partners about how much they spend on their plastic, even though the British Bankers Association (BBA) has reported that borrowing on credit cards has fallen nationally by 0.1 billion GBP during March.