Credit cards have always been a popular way of attaining credit, however new research reveals that the average UK consumer is likely to spend over £160,000 pounds on cards throughout their lives.

A leading insurance company is responsible for the research and has discovered that as a collective, over 5 ½ trillion pounds will be spent on credit cards alone. On average, each cardholder will spend £3500 per year on a varying range of items and services. Over 25% of people use cards as their primary form of payment for everyday items such as food, petrol ECT.

The research stands as testament to the increased popularity of credit card spending and the overall reliance people put in their plastic as a means to live. However, analysts fear that consumers are increasing their potential debt threshold by using cards for day to day living. Credit cards are extremely expensive if used in such a way, and consumers may come unstuck in later years.

Traditionally, credit cards have provided a convenient means for consumers to make major purchases such as a new car or home improvements. Experts suggest that cards should be used sparingly (if at all) as they can deceptively push people into debt.