According to a recent report by money education charity Credit Action, despite credit cards remaining a widely used way of spending money, many consumers are deciding to curtail their borrowing and use their credit card less and less.
With the influence of the credit crunch, and subsequent tightening of lending criteria by most banks, credit is less available than it has been in the past. Although many UK consumers hold multiple credit cards, the number is thought to be declining as credit card spending slows down.
The director of Credit Action, Chris Tapp, was reported in the credit cards news as commenting: "Credit cards are … still a very popular way for people to borrow and spend their money. But in terms of dramatic growth, we have seen that rate slowing in the past 12 months."
Credit card growth slowing down
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Credit card growth slowing down
Thu, 20 Mar 2008
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