Record numbers of consumers are cutting up their credit cards to try and rein in spending and pay off personal debt . The number of credit cards in circulation has slumped by some eight per cent, according to PriceWaterHouseCoopers the accountancy firm .
Consumers are seeking fewer credit cards as they attempt to pay off a 1.5 trillion personal debt mountain. Meanwhile, credit card companies have made consumer credit harder to access. The UK Cards Association indicate that whilst debit card spending climbs, credit card payments have dropped by 27 per cent in the last year.
How the credit card industry will respond to the figures remain to be seen, but there are indications that credit card charges could climb in the next few months.
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Credit cards binned after huge debt payoff
Wed, 11 Nov 2009
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