The credit card. We’ve all heard of them and most of us have one. In fact, APACs statistics indicate that there are now more credit cards in the UK than there people!! It’s probably little wonder then that the most common cause of personal debt problems in the UK is this little piece of plastic.

But why do so many of us getting into credit card debt?

Well, as handy as the credit card might be, it can be just a little bit too handy. It means we can spend before we even have the money to pay for products. This, if not handled with care, can easily cause a debt problem.

Add to that the fact that most credit cards will charge you interest on your purchases and you end up paying more for the product than you would had you waited and bought it in cash! Oh and then add on top of that charges for missed payments and your bills can soon get out of control.

The adults in the UK have racked up a total credit card debt bill of £61.4 billion (as of February 2010).

The credit card is, without any doubt, incredibly useful. But the temptation is just too much for some and giving into this temptation when we can’t really afford to can lead to those nasty missed payments and often extortionate charges applied by providers.

Use your credit cards with caution!