Northern Irelands Credit Card Debt Tops GBP1 Billion

Thu, 16 Apr 2009

Credit card debt in Northern Ireland has exceeded the £1bn mark, according to newspaper reports.

The alarming figure, which is based on overall data from leading debt charity Credit Action, means that the average household owes around £1,600 on their plastic.

According to the Belfast Telegraph, experts predict the figure to grow further as the economic recession deepens, increasing the threat of higher unemployment, further pay cuts and diminishing family incomes.

Richard Ramsey, senior economist at Ulster Bank, said the country’s mammoth level of credit card debt has come as no surprise given the speed at which the economy has "turned around".

He commented: "During the credit boom people were probably overly-optimistic about the future as they had no reason to think the good times would come to an end so soon."

"Credit cards became a vehicle for financing people’s lifestyles and standard of living — and that has come to a premature and abrupt end."

Scott Kennerley, money advice specialist at Citizens Advice, added: "The level of credit card debt in Northern Ireland has always been of great concern to us."
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