Credit Card News Card Balances Rise Steeply 17568579
Card balances rise steeply
01 September 2006
Consumers were looking to transfer an average card balance of £2,933 during the month, the highest in the last six months and a significant increase on the equivalent figure for June.
The Bank of England’s latest credit card debt figures also showed that the total consumer debt on plastic for UK consumers had increased by double the amount in July (£0.2 billion) than in the previous month (£0.1 billion).
“Wimbledon and the World Cup may have kept people out of the shops this June but it appears they returned, credit cards in hand, in July,” said Moneyextra’s Robin Amlot.
“Outstanding credit card balances have risen by almost 20 per cent since April and they’re set to rise further with holiday costs, back to school costs and year-end festive spending to come.
“It’s more important than ever that people make sure they have the right credit card for their circumstances,” he added, noting that comprehensively shopping around on the internet was one of the best options for those with larger balances or a poor credit history.
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