Brits Cut Down on Credit Card Borrowing – Moneynet

As the economic outlook has become gloomy, many Brits chose to cut their credit card borrowing and repay the debts.

Moneynet has found out that Brits choose to repay their debt on credit cards rather than to borrow money.

As such, in the past 12 months UK credit card holders have spent less. Andrew Hagger of Moneynet said he believes that Brits started to realise that they first need to pay for the essentials like food, petrol and energy and only then to finance other needs. Such approach to money planning made them cut down on borrowing.

His opinion is supported by Carole Spiers of Carole Spiers Group. She said: "People across the UK should be handling their finances with kid gloves in the present economic climate, as people can fall into debt very easily, but it can be a hard situation to get out from."

In a separate research, Auriemma Consulting Group said that Brits have become apathetic to credit cards offers.