UK consumers getting more responsible with credit card borrowing
Amidst all of the concerns and worries over rising consumers debt in the UK and frivolous spending on credit cards, recent data has actually indicated that UK consumers seem to be exercising more responsibility and caution when it comes to credit card spending, with figures on credit card borrowing dropping since August 2006. Although consumer debt refers to loans, overdrafts, and other types of finance as well as credit cards, it would seem that many consumers have managed to get a grip on their credit card spending, which could be the first step in easing the consumer debt problem in the UK.
The figures cam from the Consumer Credit Counselling Service, and a spokesperson for the CCCS claims that consumers are indeed becoming more sensible and responsible in terms of their credit card spending. However, the CCCS has also stated that there are still many consumers that need help and advice with their finances, particularly following the Christmas and New Year period, when many have either spent their savings or have taken out some other form of credit such as a loan in order to finance Christmas.
The spokesperson, James Ketchell, stated: "We have seen since August last year that overall credit card borrowing has actually dropped, so we are seeing a more responsible consumer emerging. But the issue is that there are still a small percentage of people managing their debts and they still need as much help as we can give them."
The Consumer Credit Counseling Service offers advice on many different areas of borrowing and debt, and officials from
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