In the UK there are roughly 60 million credit cards in issue, compared to around 47 million adults, which equates to about 1.3 cards per person.
The major problem is very few cardholders actually carry and use a card which is right for them. Through this website you can compare 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 35%.
It is estimated that around £60 billion is currently owed on credit cards by consumers in the UK, with around two thirds of this debt attracting interest*. With the average credit card APR being about 16%, this means credit card firms are collectively making around £527 million in interest each month.
The fallout from the banking crisis led to many banks reining in their lending, meaning the vast majority of balance transfer deals all but disappeared.
In recent times the UK credit card market has experienced a period of rejuvenation with a providers offering a proliferation of interest free balance transfer, purchase and reward deals to tempt customers to abandon their loyalty to their current provider.
If you enjoy a pristine borrowing history and excellent credit rating there is a great choice of interest free balance transfer deals and a myriad of ways to earn cashback or reward points.
If, on the other hand, you're unfortunate enough to be saddled with bad credit rating or perhaps struggling to keep your spiralling plastic habit under control, have exceeded your current credit limit or missed a couple of repayments along the way, then you'll find your options severely limited.*Figures from BBA Credit Card Statistics February 2011