Credit Cards & Loans
Credit card debts go down despite more use
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.”
