Brits slash credit card spending

”Brits

Nearly half of UK credit card holders have cut back on spending amid the recession, according to new research published this week.

A poll by TescoCompare.com found that 44% of credit card users have reined in their spending to under £100 per month.

Reasons cited for spending less include paying off debt (37%), increasing savings (25%), and a desire to be less reliant on credit (18%).

On average, those who have cut back on credit card spending have reduced their average balance by £386 to £2,333, TescoCompare.com found.

One in three of those polled, however, said they have no intention of reducing their credit card use.

Seven percent said they would struggle to maintain the lifestyle they desire without their credit card, while one in ten said they wouldn’t be able to manage their finances if it wasn’t for their credit cards.

Debra Williams, of TescoCompare.com, said it is “encouraging to see so many consumers taking significant steps to reduce their reliance on credit.”

She added that those who aren’t in a position to reduce their debt “could still save themselves some cash by shopping around for a better deal.”

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