You are here: Home - Credit Cards & Loans -

Christmas on credit for consumers

Written by:

Callcredit is predicting a rise in consumer borrowing following its analysis of the latest Bank of England statistics on borrowing and lending.

Credit card lending for December 2006 made up 60% of net credit card lending for the whole year and experts warn that this is likely to rise in December 2007.
Mark Ward, head of consumer services at Callcredit, said: “From our review of these statistics, and in spite of the widely reported credit crunch, we’re still anticipating that many consumers will turn to credit at Christmas in order to fund their spending.
“Worryingly, it could be these people who may find it more difficult or expensive to borrow on credit. Our own research shows that 75% of consumers believe that they’re not responsible for over-indebtedness, but it is important to remember that responsible borrowing goes hand in hand with responsible lending.”
Callcredit’s top tips on controlling your Christmas spending include remembering that credit card purchases accrue interest and that cash withdrawals on a credit card are charged at a higher interest rate than purchases.

Related Posts


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:

LONDON BOOMINGIt’s good to learn that John Lewis in Oxford Street, one of the brighter spots in an otherwise overrated...