MSE Poll: How much credit card debt do you have?

MSE_Kit

Poll started 30 May 2023

The cost of living crisis has resulted in many taking on extra credit card debt – in some cases just to cover basic necessities. So this week, we want to know how much credit card debt you have in total and whether this has increased over the past 12 months.

Click here to vote in the poll.

Did you vote? Are you surprised at the results so far? Have your say below.
If you haven't already, join the forum to reply.

molerat

Another flawed poll.  There should be a £0 pay it off each month as there is a big difference between that and £0 to £5000.

Kernowshep

+1

Mine's also increased because I'm snoozing more (I could pay it off now if I wanted to).

lakesider52

molerat said:

Another flawed poll.  There should be a £0 pay it off each month as there is a big difference between that and £0 to £5000.

Precisely Molerat. I put as much expenditure as possible on my credit card as I receive points which can be converted to vouchers/airline miles/charity donations and then pay off the balance in full each month. Surely this is a responsible way to manage a credit card but I do notice that it can have an effect on credit scoring with Experian etc. Broken system!

TimSynths

£82.27, bought some petrol this morning, use the Barclaycard for cashback and will clear in full once the statement comes in, have been doing this now for two years, never carry a balance over anymore and once a year (July) I get a nice free Chinese takeaway with my cashback.

Torry_Quine

No option for I don't have a credit card.

ginger_chocolate

molerat said:

Another flawed poll.  There should be a £0 pay it off each month as there is a big difference between that and £0 to £5000.

I thought that too. More people use a credit card for convenience/perks/protection than to spend money they don't have.

(For years I didn't understand this - I had the fear of God put into me about credit cards when I was young, was told anyone who had a "debt card" was an irresponsible idiot, just *having* one basically meant you were in horrible debt etc. Turns out that, if anything, I actually manage my spending better now I have a credit card.)

newportpaul

Agree with all the above. Maybe you should check with a test group first before creating polls to find any flaws.
This one looks like you had the answer you wanted and created a poll to try to justify it.
I also have taken advantage of an interest-free credit card transfer for a large purchase, so my 'debt' has substantially increased from last year but deliberately and not due to the so-called 'cost of living crisis'. Savings have grown or remained untouched..

BobbinAlong

Agree with both the "Don't have credit card" and "Pay it off in full monthly" options. I'm the latter and use it everywhere to get one bill per month and Tesco Clubcard points for channel tunnel crossings.

MattMattMattUK

molerat said:

Another flawed poll.  There should be a £0 pay it off each month as there is a big difference between that and £0 to £5000.

I totally agree with this, I pay for almost everything on card because of cashback and where relevant S75 protection but I clear the bill in full every month.