Brits to rein in credit card spending

Posted 2007-11-8

The ongoing credit crunch may lead to UK consumer s avoiding credit card expenditure over Christmas. The credit crunch has been caused by the slump in global financial markets following the collapse of the US sub-prime loans market, which led to the run on Northern Bank earlier this year.
Research conducted by debt consultancy Thomas Charles in conjunction with pollsters YouGov reported that a quarter of Britons intend to “avoid” using their credit cards this festive period.
Director of Thomas Charles, James Falls said:
“People are thinking about how much they are spending and they are thinking about spending within their budget. I think that around this time of year it’s easy to almost make a resolution to do something, but it’s a very difficult time of year to do it – particularly when the natural instinct is to go and spend more.”
According to Thomas Charles, 15% of Britons are in serious of over £10,000, with men in more debt than women.

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