Experts have branded a newly released report defining Britain’s attitude towards debt as “scary”.

Its certainly not new information to learn that Britain is in something of a pickle when it comes to consumer debt, what is new however is the way in which we are accumulating debt. One of the most alarming new pieces of information drawn from the report refers to credit card ownership. According to the report, there are more active credit cards in the UK than there are residents. UK consumers are so reliant on using plastic to fund their purchases that they no longer rely on just one card, and in many cases are admitting to using up to 3 or 4 at a time.

Another piece of unnerving information relates to financial planning. Apparently if an unforeseen event were to occur, restricting income (such as unemployment) the average consumer would only have enough financial resource to survive for a maximum of 2 weeks.

The final less serious fact, yet potentially probmatic at the same time, was the response given to surveyors by younger people, when asked about the IVA (Individual Voluntary Arrangement). According to the survey, almost ¼ of those quizzed thought the IVA was a type of accessory for a popular MP3 device. Although young people are obviously unlikely to need an IVA, the fact that they are unfamiliar with the term is slightly worrying.

The reports conclusion, again stresses an apparent ignorance among UK consumers with regards to there finances and suggests that almost 1/3rd of people do not have adequate savings, preferring to “live out” negative financial events with credit.