Credit Card Debt Catches Up With Britons

[Kristijntje]

This Christmas season, the hottest-selling gifts in Europe have been pricey American products such as iPods, the Xbox 360 and celebrity-inspired fashions. That kind of shopping has led to a very American problem: credit card debt. Nationwide, 34 percent of Britons say they will use credit cards or store cards to pay for their holiday purchases this year. And one in five say they are still paying off their gifts from last Christmas, according to a December poll by Zopa, an online lending agency

Although some critics blame credit card companies for liberally passing out credit, others say at the end of the day, only the debtor is at fault. "When it comes to credit, one lesson people have never learned worldwide is simply because somebody extends credit to you has nothing to do with your ability to afford it," said Steve Rhode, president of Myvesta.org.

full article: http://www.ecommercetimes.com/story/MELR...tons.xhtml