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Debts 'can soon mount up from credit cards'
Consumers should be careful when using credit cards as debts from plastic "can soon mount up", according to a financial advice organisation.
Debt advice specialists MoneySolve have revealed that recent figures from Credit Action show that the total personal credit card debt in the UK now stands at £54.5 billion, which is equates to £5,129 per person.
According to the organisation, such figures highlight how credit cards have become a "particularly common form of debt in the UK".
"With the interest and then charges in the case of missed payments, items purchased on plastic can end up costing much more than you anticipate," it outlined.
"It's always advisable to maintain a very cautious approach when buying on credit. And if you do find yourself in over your head, seek professional advice as soon as possible."
Recent figures published by Scottish Widows suggested that one in eight people in the UK regard sorting out their finances as a top priority at present, which may include the use of debt consolidation products.