New research reported in the UK press suggests that Britons are becoming more conservative in their credit card habits.
The research by online price comparator service uSwitch.com, reported by This is Money, points to a rise in the number of consumers who are paying off their credit card balances at the end of each month, rather than racking up debt over an extended period of time.
The report says that more than 20% of new credit card holders surveyed in October 2005 planned to pay off their balance in full at the end of each month. This compares to figures of 8.9% over the first half of the year.
uSwitch’s survey also highlighted that some 25% of new card applicants admitted to having credit difficulties in the recent past – a rise on the figure seen in July 2005.