It is now the norm for people to be in possession of a credit card, a finance expert has suggested.

Those people in society without credit cards are generally finding themselves ostracised, Richard Sorsky, a money advice co-ordinator at the UK InsolvencyHelpline.co.uk has said.

For example, they may find that they are unable to pay for things such as flights online, he explained, leaving people in search of other means of carrying out transactions.

"People have debit cards but they're scared to use debit cards because debit cards don't offer protection against fraud or insolvency that a credit card does," Mr Sorsky added.

A recent poll from MyVoucherCodes.co.uk found that 86 per cent of people currently owe money in some way, in the form of a credit card, loan or overdraft.

Furthermore, 54 per cent of those polled admitted that they would always need financial help to fund their chosen lifestyle.