Despite recent reports to the contrary, credit card spending is falling rapidly as the downturn in the economy continues to gather momentum. According to Bank of England results, the borrowing rate increased by the smallest margin in the last fourteen years.
Borrowing on personal loans, credit cards and overdrafts climbed by just 300 million pounds during September. This increase represents the smallest monthly climb since February 1994.
The figures may indicate that consumers are waking up to the reality of the credit crunch, stopping spending, and looking for ways to lower their debt . Applying for credit cards or a personal loan to get through the credit crunch is no solution, debt experts suggest.
Credit card spending in freefall
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Credit card spending in freefall
Thu, 30 Oct 2008
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