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Credit card use fell last year as people turned to cash and debit cards to avoid borrowing, shopkeepers say.
The British Retail Consortium (BRC) which represents 90% of the UK's stores, say transactions involving credit cards dropped 12.9%
Read the full article at bbc.co.uk
The average interest rate charged on a credit card has risen to 16.79% according to the Bank of England. That's the highest average rate since February 2002.
However, other figures from the Bank of England reveal that banks are still writing off huge losses on their credit card customers - in fact, according to Credit Action, £1.18 million was written off in Q4, 2010.
Read the full article at bbc.co.uk
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The BBC has reported that credit card providers are currently in competition with each other to increase the time period of 0% interest on debt that customers switch from other cards.
However, financial groups are warning customers to take care over the small print of such deals including the interest rate that you'll revert to once the introductory rate has finished.
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You've paid off your credit card debt and have hidden it away to be used in emergencies only, but did you know that some credit card and store card companies are now charging 'inactivity' or 'dormancy' fees if you don't make any new purchases with your card over a period of 6-12 months?
For the full story, visit money.co.uk
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A cap on excessive interest rates charged on credit and store cards is being considered as part of a review of consumer borrowing.
The government wants experts' views on how consumer credit, such as credit cards and store cards, can be fairer.
This includes discussion on whether the regulator will be able to put a limit on high interest rates charged to those who might have difficulty repaying.
Bank charges and personal insolvencies are also covered by the review.
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uSwitch estimate that 14 million consumers now use credit cards for day to day spending. That's a lot of cards and a lot of debt and with most of us used to having access to available credit, are things likely to change in the future?
According to David Black, a Banking Specialist from Defaqto, it would appear so. Things are getting tougher for providers as they face a number of hits on their credit card income streams including:
He goes on to predict that introductory 0% interest offers will become shorter and less readily available, reward schemes may be curtailed and annual fees may be introduced so perhaps we have seen the peak of the credit card market?
There will always be a need for credit cards, to pay for an unexpected bill or for another unforeseen circumstance, but it looks as if the credit card market as we know it today may look dramatically different sometime in the future.
Source: bbc.co.uk and Credit Action - October edition
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