Consumers Spending Less On Credit Cards To Reduce Debts

Fri, 17 Jul 2009

British consumers are reducing their credit card spending in order to reduce their debt , according to new research by Tescocompare.com.

A survey by the price comparison website found that 37 per cent of credit card users are spending less on their plastic to help cut their debts .

A total of 14.6 million people have reduced their card spending by £100 per month, according to the site.

In addition, 25 per cent of those polled said they wanted to increase their savings , 18 per cent said they wished to be less reliant on credit and 16 per cent admitted they planned to use their credit cards less in the future.

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

However, the Tescocompare research also showed that despite the encouraging signs, a total of 4.8 million people saw their outstanding credit card balances rise by an average of £412 over the last six months.
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