As of last year, there were four active credit cards to every adult in the UK.
Our spending on plastic topped the total amount of purchases paid for by cash.
As a nation, we have embarked upon a love/hate affair with credit cards, and it looks to be a long term relationship.
What is the attraction that makes credit cards so popular, despite the dire warnings from financial pundits that we are heading into financial ruin and disaster? The reasons aren't that difficult to understand.
Buying on plastic offers advantages and benefits that aren't available using cheques and cash.
The adverts promise us that the right bit of plastic holds the key to happiness - or at least to fun, and these days it's difficult to tell the difference.
Who wouldn't love something that's convenient, easy to use, lets us spend money we don't have yet and comes in dozens of bright colours and patterns? We can even choose a credit card that benefits a favourite charity every time we spend money we'd spend anyway.
And despite all the dire warnings, if used responsibly, credit cards can become a money management tool that helps protect assets and even earns a bit of income.
Just take a look at the advantages of using a credit card for making purchases.
-A credit card can dig you out of an emergency with ready cash.
Your car blew a tire on Monday and you don't have the cash to pay for a new one till payday on Friday? Whack it on your plastic.
Credit cards give you the flexibility to purchase the things that you need when you need them, and pay them off when you can.
-Credit cards are convenient.
You don't need to carry large amounts of cash with you when you have plastic.
You never have to worry about being caught short at the till, or being surprised when the bill comes after dinner.
-You can keep close track of your spending by tracking your account statements.
It's easy to spend money without realizing where it's all going.
Your credit card statements are an excellent way to track your spending over time, and to keep records you can use to prove expenditures for taxes and other purposes.
-You can save money by using cash back or reward credit cards.
As long as you pay off your account in full each month, cash back and reward points are pure profits for you.
If you use a cash back credit card for everyday purchases and pay the bill in full each month, you'll essentially be saving 1-5% off everything that you buy, less any annual fees that might occur.
-Credit cards let you give to your favourite charities painlessly.
When you use a charity credit card UK card issuers pay a percentage of your purchases to the charity on the card as a royalty.
You don't have to do anything else - just use your card to make purchases to benefit your favourite charity.
Of course, it's important to shop around for the best deal when you apply for a credit card if you're to take full advantage of those benefits.
Start your search for a credit card at airaid.
co.
uk and you'll find it easy to compare rates, fees and credit card types before you apply for a credit card.
That way, you'll be sure that you're getting the best credit card for the way that you'll use it.