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Falling credit card debt great news, expert claims

Mon, 23 Oct 2006

The falling level of borrowing on credit cards in the UK has been welcomed by a financial services provider.

AWD Chase de Vere claims that credit card providers may have "shot themselves in the foot", as more Britons look to pay off their debt than add to it.

The company commented in the wake of recent figures from the British bankers Association, revealing that borrowing on credit cards is declining.

This has been lauded as "great news" by AWD, as Britons still face "massive amounts of debt".

"With the slow decline of the interest free, fee free, credit cards, have borrowers finally decided enough is enough and realised that as cheap as it might be, it still has to be paid off one way or another," commented the company.

Recent research from Apacs, the UK payments company, revealed that the number of credit card transactions has fallen, as more Britons are using debit cards for purchases.

Sandra Quinn, director of communications at Apacs, said: "Our figures show that UK credit cardholders are reining in their spending and concentrating on repayments."


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