18 May 2007
Plastic is still considered to be fantastic in the eyes of British consumers, according to life assistance firm CPP.
Recent research from the firm revealed that during the average lifetime, British consumers will spend £150,000 each on credit cards - around £2,540 per year.
The good news is consumers are becoming measurably savvier about using their credit cards, with 40% of those studied in CPP's survey stating they regularly shopped around and switched their credit cards for the best deal.
Women were found to own less cards than men, with 12% of respondents admitting to getting a gold card because "it looks good" and 14% believe that a wallet bulging with credit cards looks "impressive" to others.
Consumers are also becoming wise to the potential risks of owning a credit card, with a whopping 80% of participants stating that they were aware of credit card fraud and identity theft, though thankfully just 13% said they had become a victim of theft as a result of their plastic.