According to accountancy firm PricewaterhouseCoopers (PwC), by the end of 2010 bad credit card debt levels in the UK could amount to 9 percent of all outstanding balances, compared to 6 percent at present. The same source indicates that current credit card borrowing levels in the UK amount to around GBP 64 billion, while the number of credit cards in circulation in Britain has dropped by 8 percent.
The PwC survey also indicates that borrowing rates on cards are likely to go up, while annual fees are expected to turn mainstream on the UK credit card market, as customers will be forced to pay for owning credit cards. Currently, UK households carry an average estimate of GBP 60,000 in debt, of which GBP 10,000 represents unsecured debt.
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