Fall in credit card use this festive season

Posted 2007-11-2

A report has indicated that there will be a fall in credit card use this Christmas.  Debt consultancy Thomas Charles polled 2000 adults and discovered that one in four planned to avoid using their credit cards this festive season.  On top of this 10% will try to avoid any large credit card transactions in the coming six months-.
These results can be explained by another part of the survey that showed 15% of those polled held unsecured debts of more than £10,000.  Total consumer debt in the UK is estimated to be £1.5 trillion.
Thomas Charles Managing Director, James Falla said:
“Interest rate rises and subsequent mortgage hikes means that people have been relying on credit for their everyday expenditure – credit they can often ill afford.  These results show that Britons are finally making positive steps towards confronting the amount of debt in the street – this is good new for the man on the street, but may signify bad news for retailers who have come to rely upon the vast amounts of credit spent at Christmas time.

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