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10/11/2009
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/GK)
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/GK)
Related UK National News Stories
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20 March 2012
Government Credit Cards Being Abused
An examination of transaction carried on government credit cards has uncovered evidence of unauthorised transactions. The National Audit Office report released today will show that government-issued procurement cards are being abused due to a failure to oversee their spending.
Government Credit Cards Being Abused
An examination of transaction carried on government credit cards has uncovered evidence of unauthorised transactions. The National Audit Office report released today will show that government-issued procurement cards are being abused due to a failure to oversee their spending.
18 May 2012
Generous Parents Hurting Grown-Up Children's Credit Rating
Free credit report service Noddle has warned that parents are inadvertently placing their adult children at a financial disadvantage by taking out credit and paying essential bills on their behalf.
Generous Parents Hurting Grown-Up Children's Credit Rating
Free credit report service Noddle has warned that parents are inadvertently placing their adult children at a financial disadvantage by taking out credit and paying essential bills on their behalf.
20 October 2011
Off Duty Soldiers 'Credited' With Life-Saving
Five soldiers have been commended for saving a stab victim's life in Canada by ingeniously using credit cards to treat his chest wounds. The life-saving soldiers from 4 Logistic Support Regiment, who are normally based in Abingdon, were serving in Canada over the summer taking part in training for Afghanistan.
Off Duty Soldiers 'Credited' With Life-Saving
Five soldiers have been commended for saving a stab victim's life in Canada by ingeniously using credit cards to treat his chest wounds. The life-saving soldiers from 4 Logistic Support Regiment, who are normally based in Abingdon, were serving in Canada over the summer taking part in training for Afghanistan.
05 August 2010
UK Internet Fraud Foiled In Meath
An international investigation into a €4million UK internet scam has led Irish police to raid a house in County Meath. Garda fraud squad officers seized a quantity of documents while assisting an investigation by the London Metropolitan Police Service's e-Crime Unit.
UK Internet Fraud Foiled In Meath
An international investigation into a €4million UK internet scam has led Irish police to raid a house in County Meath. Garda fraud squad officers seized a quantity of documents while assisting an investigation by the London Metropolitan Police Service's e-Crime Unit.
02 July 2009
Government Action To Secure A Better Deal For Consumers
Cracking down on persistent rogue traders and a ban on unsolicited credit card cheques are at the forefront of measures announced in the Government's Consumer White Paper today.
Government Action To Secure A Better Deal For Consumers
Cracking down on persistent rogue traders and a ban on unsolicited credit card cheques are at the forefront of measures announced in the Government's Consumer White Paper today.
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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.
