BBA reports credit card debt down

23 May 2005
Credit card holders appear to be getting better at handling their debt, with latest figures from the British Bankers' Association (BBA) revealing that credit card debt has dropped.

This is the first time the debt has decreased.

David Dooks, BBA spokesman, told BBC News: "This is another indication that the consumer is being more cautious in the light of lower household disposable income. The household belt is tightening,"

Figures reveal that credit card holders paid off £40 million more on their cards than they spent.

In addition, savings were also up in the month by £3.4 billion.

However, loans and overdrafts were up in the period and recent rises in High Street spending are expected to show up on people's credit card bills in this month's results.

To read more about credit cards click here.

track© DeHavilland Information Services plc