Young Britons' credit card habits unchanged

By UK CreditCards.com

Young Britons favour credit cardsThe economic downturn has failed to dampen many young Britons' enthusiasm for using credit cards, according to a new study.

Research by financial services giant PricewaterhouseCoopers (PwC) shed light on the habits of the UK's 25- to 34-year-old credit card customers. More than a quarter were found to have used plastic to buy essential everyday items in the last six months, despite warnings on debt levels.

One in five 25- to 34-year-old customers had also sought to obtain more credit over the same period.

"The young are still prepared to borrow despite the tough market conditions: their behaviour has not yet caught up with the reality of the current economic situation," said PwC partner and head of consumer finance Richard Thompson.

In general, the over-55 age group was found to be the most conservative about credit, being recorded as the least likely to have bought everyday items on credit and to have applied for more credit in the last six months.

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Published: 23 April 2009