Menu
11/11/2009
Cash? That'll Do Nicely!
Shoppers across the UK are set to choose cash over credit for the first time in ten years this Christmas,.
According to a new report into spending habits, caution among consumers means they are using credit cards less
A survey of 2,000 British consumers found that 68% had no plans to use any credit in the next three months.
The research, by PricewaterhouseCoopers, also found that credit card borrowing has fallen by 3% in the last 12 months. It also showed that the number of cards in circulation has dropped by 8%.
In contrast, the number of debit cards has increased by 6%, suggesting household borrowing is coming to a halt.
The Government recently warned credit card companies last month to stop landing borrowers with debts they cannot afford.
New rules are also being considered include raising minimum monthly payments to avoid customers spending decades in the red.
However, even with the recent downward credit trend, UK consumer debt levels remain noticeably high in comparison to the rest of Europe.
On average, each UK household has total debt of around £60,000, made up of approximately £50,000 of secured debt and £10,000 of unsecured debt.
(BMcC)
According to a new report into spending habits, caution among consumers means they are using credit cards less
A survey of 2,000 British consumers found that 68% had no plans to use any credit in the next three months.
The research, by PricewaterhouseCoopers, also found that credit card borrowing has fallen by 3% in the last 12 months. It also showed that the number of cards in circulation has dropped by 8%.
In contrast, the number of debit cards has increased by 6%, suggesting household borrowing is coming to a halt.
The Government recently warned credit card companies last month to stop landing borrowers with debts they cannot afford.
New rules are also being considered include raising minimum monthly payments to avoid customers spending decades in the red.
However, even with the recent downward credit trend, UK consumer debt levels remain noticeably high in comparison to the rest of Europe.
On average, each UK household has total debt of around £60,000, made up of approximately £50,000 of secured debt and £10,000 of unsecured debt.
(BMcC)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
06 May 2011
Bank Rate Decisions 'Good And Bad' For NI
News that the Bank of England's Monetary Policy Committee this week voted to maintain the official bank rate paid on commercial bank reserves at 0.5% has been greeted as a 'curate's egg' by a local economist. The previous change in the rate was a reduction of 0.5 percentage points to 0.
Bank Rate Decisions 'Good And Bad' For NI
News that the Bank of England's Monetary Policy Committee this week voted to maintain the official bank rate paid on commercial bank reserves at 0.5% has been greeted as a 'curate's egg' by a local economist. The previous change in the rate was a reduction of 0.5 percentage points to 0.
12 November 2004
Credit card statements set to carry 'health warning'
Credit cards users will get a 'health warning' on their statements to help with their repayment plans under new guidelines to be introduced into the Banking Code, it has emerged today.
Credit card statements set to carry 'health warning'
Credit cards users will get a 'health warning' on their statements to help with their repayment plans under new guidelines to be introduced into the Banking Code, it has emerged today.
21 August 2001
EasyJet founder to launch new credit card
The founder of the low cost airline Easyjet, Stelios Haji-Ionnou is to introduce a new credit card called Easymoney. The credit card is expected to differ from other card’s as customers will be able to personalise their credit conditions by choosing between different deals.
EasyJet founder to launch new credit card
The founder of the low cost airline Easyjet, Stelios Haji-Ionnou is to introduce a new credit card called Easymoney. The credit card is expected to differ from other card’s as customers will be able to personalise their credit conditions by choosing between different deals.
21 November 2001
‘Financial illiteracy’ sees consumers lose out
A new report from the National Association of Citizens’ Advice Bureaux (NACAB) has highlighted how consumers are losing more than £10 billion-a -year through the purchase of financial products unsuitable for their needs.
‘Financial illiteracy’ sees consumers lose out
A new report from the National Association of Citizens’ Advice Bureaux (NACAB) has highlighted how consumers are losing more than £10 billion-a -year through the purchase of financial products unsuitable for their needs.
31 August 2001
Consumer optimism drops to three-year low
A Mori poll published in the Times newspaper has revealed that consumer optimism in the UK dropped to a three-year low in August. Mori's economic optimism index, which measures how people expect the economy to perform over the next 12 months, has dropped to minus 31, a 16-point fall since the end of July.
Consumer optimism drops to three-year low
A Mori poll published in the Times newspaper has revealed that consumer optimism in the UK dropped to a three-year low in August. Mori's economic optimism index, which measures how people expect the economy to perform over the next 12 months, has dropped to minus 31, a 16-point fall since the end of July.
-
Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
