You are here: Home - Credit Cards & Loans -

Shoppers stop flashing the plastic

0
Written by:
19/01/2007

According to a report from the British Bankers’ Association (BBA), credit card lending has decreased for the first time since 1993, falling by £1.6bn last year.

The reduction may in large part be due to credit card providers withdrawing special deals from the market throughout the course of the year.

Until 2006, many providers offered zero per cent balance transfers to new customers to tempt them to transfer their balances from rival card companies.

They retracted these offers throughout 2006 as increasing numbers of users defaulted on their credit card payments.

However, the BBA said that increasing numbers of homeowners withdrew equity from their properties instead – increasing the size of their mortgages and spending the money.

“Rising house prices mean there is equity available to be unlocked by homeowners,” said BBA director of statistics, David Dooks.

Related Posts

Tagged:

Tag Box

Debt

Pension

Spending

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...

YourMoney.com 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:
Storm brewing for insurers

Insurance companies face mounting costs after yesterday’s adverse weather conditions wreaked havoc up and down the country.

Close