According to a recent report in the credit card news, British consumers are grinding down their credit card debts . Tescocompare.com found that the average consumer slashed credit card balances by almost £400, down to an average of £2,333.
Due to the economic climate and concerns over job losses, 37 per cent of customers have cut their expenditure. Furthermore, some 18 per cent wish to have less reliance on their credit card .
A spokesperson for Tescocompare.com, Debra Williams, reportedly commented: "In the current climate it's encouraging to see so many consumers taking significant steps to reduce their reliance on credit ."
The credit card industry is one of the many financial services businesses to be affected by the recession. With credit card companies, including banks and building societies, unwilling to take lending risk, overall volumes are down. This is despite some consumers needing their credit cards to survive.
| credit card news |
|---|
| Late credit card payments growing - Wed, 21 Jul 2010 |
| Halifax credit card may not be right for everyone - Fri, 09 Jul 2010 |
| Credit card provider reveals parents hit by summer holiday premiums - Mon, 05 Jul 2010 |
| More News |
Simplyhealth Dental Plan
Affordable cover from only £7.50 per month. Join now and get first month FREE
Income Protection Insurance
Get an instant quote with the award winning company
Amex Cash Back
Credit Card
Credit Card
Get 5% cash back on purchases with Amex
Credit card cutbacks
Thu, 25 Jun 2009
Recommended links
Credit card offersCredit card reclaim
0 per cent balance transfer credit cards
Credit card glossary of terms
Saga offers reduced APR credit card
Reduced card limits should make people more disciplined
Consumers will reduce credit card balances, expert claims
news content
Search
