London is capital for credit card debt in the UK

 
Jasper Jolly
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London is a hotspot for plastic debt (Source: Getty)

The capital has the highest level of credit card debt of all the cities in Britain, according to a new analysis by credit score provider Experian.

The high proportion of young people in the capital is one of the driving force behind the high debt levels. Young, employed renters in parts of London such as Wandsworth and Putney are more likely to adopt more debt.

The Liverpool Street and Bishopsgate area was the highest-scoring area in the capital for credit card debt, followed by the West End and Cheapside.


The UK's credit card hotspots (Source: Experian)

The Bank of England yesterday revealed outstanding credit card debt reached £68.1bn in April.

Glasgow, Hatfield, Edinburgh and Aldershot join London to make the top five locations for credit card debt in the UK.

Regions with older populations, such as Skegness, have lower debt. Other areas with low levels of debt include Penzance, Gravelly Hill in Birmingham, Carmathen and Kendal.

James Jones from Experian said: “Today, Britons are more dependent on credit than 20 years ago. Our research shows that half of young people can’t afford an unexpected bill or expense without reverting to borrowing or going to the bank of mum and dad.”

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