In the UK there are roughly 75 million credit cards in use, compared to around 47 million adults, which equates to about 1.6 cards per person.

However the major problem is very few cardholders actually carry and use a card which is right for them. Through this website you can compare over 300 different credit cards and see who offers the best credit card deals.

Borrowing on credit cards, even for short periods, is expensive. That's because the interest rates charged are typically around 16% APR, but can be up to 30% a year. 

It is estimated that £56 billion is currently owed on credit cards by consumers in the UK, with around three-quarters of this debt attracting interest. With the average credit card APR being about 16%, this means credit card firms are making more than £560 million in interest each month.