May 15, 2007

NEWS: Britons Become More Responsible With Credit

It’s good news for once on the credit card front – it seems that credit card consumers in the United Kingdom are taking big strides towards greater credit responsibility by making efforts to pay off their debts in full. New research from British card information giant APACS shows that a staggering full half of all credit card customers tend to pay their credit card balances off in full each month. Additionally, trends seem to indicate that the majority of consumers prefer to use their debit cards whenever possible, choosing not to add to debt by picking credit.

The swing towards more debit use, as well as the increase in total freedom from debt, is a positive trend that seems to highlight the fact that Britons are using their cards with more prudence, said an APACS spokesperson. The trend towards responsible borrowing is a new one, not just for the U.K., but anywhere. Credit cards have more than earned their shady reputation, because so many people get into trouble by their misuse! For example, APACS also found that a dispiriting nine percent of all cardholding consumers had taken out further credit cards in an attempt to pay off previous balances totally, or at least in part. It is estimated that some 80% of consumers overspend on their plastic, taking on debt burdens that are far too great for their income.


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