Credit card balance increases 'would not be surprising'
www.moneynews.co.uk > Credit cards > Credit card balance increases 'would not be surprising'
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Credit card balance increases 'would not be surprising'
Thu 14th Jan 2010
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Chris Tapp of Credit Action said the UK continues to enjoy "something of a love affair with the credit card" and his organisation definitely does not anticipate that there will be a significant reduction in their use in the near future.
"It had been assumed that because of the recession, people would be cutting back, "he remarked. "The retail figures over the Christmas [period] don't really seem to indicate that."
His comments were made as he discussed the possible implications for consumers of the increase in credit card interest, which was recently announced by the Bank of England.
The Bank revealed this week that interest rose from 15.89 per cent at the end of November to 16.26 per cent a month later - an increment Mr Tapp said was relatively small, but might be enough to push some consumers over the edge financially.
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