14m people take on credit card debt every day

According to a survey from moneysupermarket.com, more than 14m people are using their credit cards for day-to-day spending, with 20% carrying three or more cards, the Telegraph reports.

Despite interest rates reaching a 12-year high, many credit card holders continue to use their cards frequently, taking on debt to pay for everyday costs such as food shopping and petrol.

The findings revealed that more men than women carry multiple cards, with one in every four men owning three or more cards, compared with just one in six women.

Peter Harrison, cards expert at moneysupermarket.com, said: "It seems that our reliance on credit is heightened at the beginning and end of our financial lives. Young people must work hard to avoid the temptations of becoming trapped in debt. Reliance on credit cards at a young age is a dangerous trend, especially now that our credit record can open and close so many other doors."

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