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Robert Lambert - Head of Cards Strategy - permanent tsb bank - Ireland

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Jan 2010 - A year of change

A while ago we suggested that the recession might have a delayed impact on the credit card industry due to consumers using cards to pay large bills like rent and mortgages. Now a study by Shelter reveals that around one million of all UK households have turned to their credit cards in order to pay for housing costs (whether rent or mortgage) over the past 12 months. This was clearly triggered by the economic crisis and mostly affects individuals in working class professions. However families at the higher end of the income scale have also seen themselves forced to borrow money from their credit card accounts in order to keep up with housing costs.

We could also see further changes this year in the competition available in the UK as a new bank, called Walton & Co, could enter the UK market by the end of the year. Virgin Money has also agreed to buy the small regional private bank Church House Trust ahead of plans to develop a full retail service. Tesco is also making strides to develop a full service bank and the FSA is expected to shortly grant US entrepreneur Vernon Hill a license to launch privately-funded Metro Bank.

We also hear that the new Twitter like service Blippy has launched which will allow your credit card details to be published online so that followers on Twitter can look at what you are buying. I’m sure there must be someone who will find that really useful.

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