You are here: Home - Credit Cards & Loans -

Credit card debts go down despite more use

Written by:
Credit card debt is consistently going down despite more and more people using their credit cards, says debt charity Credit Action.

In January, average household credit card debt stood at £2,114 but went down to £2,069 over the following eight months. 

During this same period, both the daily number of transactions and the daily value of transactions varied significantly month on month.

The number of transactions and relative value of transactions followed the same overall pattern.

Michelle Highman, CEO of Credit Action, said: “The trends in these graphs strike me as a promising. It appears that although there are fluctuations in the use of credit cards one way or the other, credit card debt continues to decrease.

“It seems that people are aware of the importance of paying down their credit cards, whether they used their credit cards a lot that month, or only a little. Aside from our essential expenses, debt is also a monthly ‘bill’ that we should all account for in our budgets.”

Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co... Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Londoners feeling the pinch

Londoners are feeling the pinch as concerns grow over job security and worsening financial situations, according to the YouGov UK...