Credit card customers wise up

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Credit card customers wise up

Bank customers are becoming wiser when it comes to borrowing, new figures suggest.

New figures released today show that the level of expensive borrowing in the UK is starting to drop.

The British Bankers' Association (BBA) has revealed that customers are beginning to become more aware of high rates of interest, and curtailing their borrowing accordingly.

Net borrowing after repayments rose by £237 million in January, according to the BBA, which corresponds to a 65 per cent decrease from the same month in 2003.

The figures also revealed that credit card borrowing dropped by 92 per cent in November compared to 12 months earlier, December saw a 62 per cent reduction in borrowing on credit.

New borrowing on credit cards in January was 15 per cent less than in December.

The change in consumer trends has come about in the wake of criticism of the banking industry's unabated profit-making while consumer debt continues to spiral.

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