Good evening / 06.09.08
Consumer Home
Consumer Home
23 November 2005
Brits are wising up to the prospect of building up a dangerous long-term debt, according to research
The figures from uSwitch.com suggest that consumers are increasingly opting to pay off their credit card balances in full each month rather than allowing debts to grow and fester, often at high interest rates.
Over a fifth of people taking out a new credit card in October were intent upon paying off its complete balance each month, according to the company - and this is a sharp increase on the 8.9 per cent stating this intention between January and June.
Nick White, uSwitch's head of personal finance, said: "We are continually urging customers to be more conscientious about their finances and our quarterly Credit Card Index shows they are beginning to listen, but unfortunately for some it is too late.
"Although our index mirrors trends in the retail sector that the amount borrowed on new cards is falling, it also reinforces the increase in the number of bankruptcies reported by the Department of Trade and Industry with the uplift in those experiencing credit difficulties."
His latter comments refer to the fact that a quarter of those surveyed admitted to experiencing credit problems
© Copyright Adfero Ltd
