Credit card spending 'less prolific in the last 12 months'

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Credit card spending 'less prolific in the last 12 months'

Brits have spent less on credit cards over the last 12 months, it has been claimed.

Andrew Hagger, spokesman for moneynet.co.uk, said many people are choosing to pay down their debts rather than take out more borrowings in the present financial climate.

He commented: "I think people are realising that they have to cut back in order to pay for their essentials because the cost of food, energy and petrol have all gone up, so they have to cut down on borrowing."

Mr Hagger added that reducing borrowing could be a prudent measure for many, as debts are often charged at a much higher rate of interest than people would get on that money in savings.

According to Carole Spiers, chief executive of the Carole Spiers Group, 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.

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