Brits spend £150,000 on credit cards

Britain's love affair with credit cards means the average adult spends 15 per cent of their annual salary on credit card buys.

That is according to new figures from life assistance firm CPP, which show over a lifetime UK residents can spend £150,000 on their credit card.

The average credit card user currently spends £3,540 a year on everything from holidays, bills and cars to funding entertainment.

But while huge sums are being spent on plastic, Britons are becoming increasingly savvy in the way they use their credit cards.

Some 40 per cent of the UK's card users chase 0% credit card balance transfer deals from one card to another, with the average deal chaser swapping cards every nine months - adding up to 59 cards over their working life.

But along with chasing rates, one person in four signs up for a gold card, with 12 per cent signing up to a gold card as it looks good in their wallet and 14 per cent saying they think a wallet full of cards looks impressive.

Women own fewer credit cards than men, with those in the north-east relying less on credit than those in London.

But CPP also had a warning for credit users.

"Credit cards are definitely a part of our everyday life but that surely opens up the possibility of abuse," the company said.

"Around 13 per cent of Brits say they have been the victims of credit card theft and a whopping 80 per cent are very aware of the dangers of credit card fraud and identity theft."