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Credit card spending slows
18 March 2008
While credit cards remain Britons most convenient and easiest form of borrowing, spending has slowed in the past 12 months, according to national money education charity Credit Action.
However it is not budget conscious Britons who are responsible for the slow, but rather banks finding their feet in a new global money market where credit is harder to come by from the source.
Chris Tapp, director of Credit Action, said that with the onset of the credit crunch, banks are becoming more discerning about who they give credit cards to.
"In terms of the credit card in particular though, what we have seen in the past 12 months is a levelling off in the amount people are borrowing on credit cards," he said.
Mr Tapp added: "People are starting to borrow slightly less than they once did on credit cards and banks are starting to tighten up how much and who they lend to."
The slowing in credit card debt does not mean that the love affair with the plastic is over, with research by Moneyexpert.com showing that 3.2 million Britons own five or more credit cards and 28 per cent of holders applied for more plastic last year.
