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Brits reduce credit card spending

Thu, 25 Jun 2009

New research by Tescocompare.com has found that consumers in the UK are being more frugal with their credit cards by cutting back on their spending.

Nearly half of the 2,009 adults questioned said that they were reducing their credit card outgoings by an average of just under £100 a month, an annual saving of over £1,100.

Reasons for the cutback include reducing debt (37 per cent), increasing savings (25 per cent) and an effort to become less reliant on credit cards for shopping (18 per cent), while 16 per cent plan to continue to use plastic less in the future.

Debra Williams, spokesperson for Tescocompare.com, said: "In the current climate it's encouraging to see so many consumers taking significant steps to reduce their reliance on credit ."

The Guardian recently reported that customers of banks such as Egg and MBNA are being hit by 'trailing interest' on their credit cards, despite believing they had paid off their debts in full.
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