People will be looking to reduce the amount they owe on credit cards as the economic downturn continues, according to one expert.
Neil Munroe, external affairs director at Equifax, explained that people will be looking to pay off their credit cards in case they suddenly lose their job .
However, he does not expect credit card use to stop all together, noting that the payment method still offers certain benefits.
"Credit cards are a useful way of paying for things because you do have certain protection under them," he said.
However, it is likely people will be looking to pay off their credit card balance in full each month rather than let it build up, Mr Munroe added.
According to research by Apacs, the payment agency, the number of debit and credit card transactions almost doubled in the ten years between 1997 and 2007, from 75 million to 144 million.
It also found that 64 per cent of British adults own a credit card .
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Consumers will reduce credit card balances, expert claims
Mon, 12 Jan 2009
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