The popular image that Britons “are up to their necks” in credit card debt is “largely a myth”, a survey concludes.

According to the results of 48,000 interviews by Mori, the whole issue has been “hyped” and “overstated”.

The report suggests that more than half of the £50bn owed on credit cards is not “true” debt, as the majority of people pay off their debt regularly.

It also concludes that people who have credit cards are in regular employment and have financial assets to back them.

Official figures suggest there are some 61 million cards in circulation in the UK and on average each UK household owes £2,100.

But Mori said almost seven in 10 card users were classed as “convenient controllers” who use their cards sensibly and pay off their balance in full on a monthly basis.

In contrast, it said just 5% of card users should be classed as “spiralling debtors” who have significant debts relative to their income.

“Naturally we can never underestimate the serious nature of people running up huge debts on credit cards that they can’t possibly afford to pay off but we are only seeing this trend amongst a minority of card users,” said Andy Thwaites of Mori Market Dynamics, the report’s author.

Mr Thwaites added that even in a worst case scenario of rapid interest rate rises, unemployment increases and a housing market crash, the vast majority of credit users would be a in a position to manage their debts.