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Britons pile on credit card debt Original Source Link: (May no longer be active)    http://www.thisislondon.co.uk/news/business/articles/timid76980?source= http://www.thisislondon.co.uk/news/business/articles/timid76980?source= Britons pile on credit card debt 15 April 2004 BRITONS kept piling on credit card debt at a robust pace last year, with the average total debt outstanding up 10.4% to £1,140, a report reveals. Market analysts Datamonitor said the average credit card debt outstanding per Briton is now about 60% above the £719 seen in 1999. The total amount of British credit card balances outstanding was £53.5bn pounds, according to Bank of England figures, roughly equal to the total annual economic output of Ireland. As in past years, Britons opted to spread their debt across different cards, with the average balance per card down 0.3% in 2003 to just under £818. 'Multiple card holding and 'rate tarts', who essentially only use their card as a short-term free borrowing facility, are fuelling market growth,' the report said. Datamonitor said it forecast that by 2008, there will be on average nearly two credit cards in circulation for every adult in Britain, up from just under 1.4 in 2003. Britain is currently experiencing a consumer spending boom, which has been driven in part by historically low interest rates and rapid remortgaging against rising house prices. Datamonitor said the big five banks gained collective market share to 63.5% last year, compared with 60.8% in 2002. Barclays remained Britain's biggest credit card lender.

Bank of england leaves rate 4 5 in september 2005 { September 8 2005 } Bank of england raises rates first time four years Blair will take britain into euro by 2007 British bank acquires firm { November 15 2002 } British opposition to euro 45perc { May 20 2003 } British pound hits peak against dollar { June 2007 } British sterling pound is third most reserve currency Britons hate euro { July 31 2002 } Britons pile on credit card debt Dollar drops to 26 year low vs pound { June 2007 } Imf warns britain to curb public spending { December 19 2003 } Secrets of the bank of england revealed Sterling and gold surged highest levels decade { January 6 2004 } Files Listed: 13

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