Apacs finds credit card borrowers becoming "more responsible"

18 May 2007
Credit card customers are becoming "more responsible" with their money as the majority pay off the full amount they borrow every month, UK payments association Apacs has revealed.

Responsible lending is one side of the equation, but the onus for "responsible borrowing" must fall on the consumer, spokesman Mark Bowerman said.

A recent survey from Credit Expert showed that nine per cent of credit card holders have taken on another card to finance existing debts.

But around 59 per cent of people are paying off their full monthly statement each month, Mark Bowerman said, a much larger proportion than those who are repaying only a portion of their debt or making only minimum repayments.

The "message" about curbing overspending and getting out of the red seems to be "getting across", he remarked.

Nevertheless, consumers can improve their financial position by shopping around for the most suitable card in the first instance, he stressed.

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