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.
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