If you read the newspapers, it's hard to avoid the pundits of doom. We've become a nation of debtors, they say, and the road to the debtors prison is paved with plastic. debt is at an all time high, and we're sinking further and further behind.
Is it really true, though? The statistics flung about seem to support the contention that credit cards are sinking us as a nation. But statistics can be read in many different ways. Even the statistics that people choose to quote are telling. For instance, there's the often quoted statistic that there are 4 credit cards issued for every adult in the UK. That is to say, there are four times as many cards issued in the UK as there are adults. At the same time, there are approximately 30% of adults in the UK who have one or no cards at all. That means that some people must have considerably more than four credit cards, no?
The average amount of debt per family in the UK is over £20,000. That's a grim statistic - especially if it means that most people in the UK are over £20,000 in debt on cards alone. Average is a misleading word, though. Let's take
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