Majority of Britons paying off credit cards

By UK CreditCards.com

The more than half of British consumers are paying off credit card debt in full each month, a new study has revealed.

Research carried out by YouGov for Callcredit Information Group showed that 52% of consumers pay all their debt monthly. The study also found that the recession has not caused people to give up using a credit card, with 70% of those surveyed reporting that they own one or two cards, while 30% have between three and six.

However, 21% said that they intended to reduce the number of credit cards they currently own. Callcredit managing director Caroline Worboys said that the "borrow now, pay later" bubble is over, despite the research revealing that more than a quarter of respondents think that £1,000 is an acceptable outstanding balance.

"The large amounts outstanding on credit cards are indicative of the times we have been living in, but it is positive that consumers are taking a new approach to their personal finances and putting themselves in a better stead for the future," she concluded.

 

Published: 22 April 2009