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Consumers `cutting back on credit card debt`

01/07/2009

Many UK consumers are cutting back on the amount of money they spend on credit cards as the downturn continues, according to new research.

Tescocompare.com has claimed that almost half the nation`s credit card users (14.6 million, or 44%) have cut their credit card spending by just under £100 per month, on average.

Of those cutting back, 37% did so to reduce debt, while 25% wanted to increase savings, and 18% said they wanted to be less reliant on credit.

A spokesperson for Debt Advisers Direct said: "Because credit cards can carry a higher interest rate than many other forms of credit, credit card debt can prove costly if it isn`t repaid on time.

"In difficult times, it`s particularly important that people keep credit card debt to a minimum unless they are certain they can afford to repay it quickly."

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

US: new law provides debt-free date 02/02/2010 - Thanks to a new law, credit card providers in the More debt taken on than repaid in December 01/02/2010 - According to figures from the Bank of England (BoE), in Savings rise as consumers pay down debt 29/01/2010 - According to a survey of 13,000 savers by ING Direct, Household debt `could trigger another downturn` 28/01/2010 - The high level of debt carried by the British public