News & Views - Savantor

Credit Card usage

Friday, 29 April 2011

The payments industry seems to suffer more than its fair share of surveys but a recent one by Experian focussed on an area of particular interest as it surveyed its Personal Solutions consumers in the UK & Ireland to ascertain how they are using credit cards.  Figures state that 40% of people who applied for credit cards in 2010 were declined.  More interesting were the results on how customers actually used their cards:

·         63.1% use their credit cards for everyday expenses (e.g. food, clothes shopping).

·         Of those who have a credit card/s 16% have more than four credit cards.

·         20.1% rely totally on their credit card for all forms of living expenses.

·         66.7% use only one credit card at a time.

·         27.6% spread their spending over several cards.

·         24.5% have an outstanding balance of up to £5,000 currently on their credit card/s.

·         8.6% have over £10,000 currently outstanding.

·         50.9% pay off all of their credit card debt every month.

·         18.6% pay less than 25% off their credit card debt every month.

·         11% pay the minimum payment.

Apparently 28.3% do not have a credit card as they have previously got themselves into serious debt, so have closed all credit card accounts.  A slightly worrying sign even if we are slowly coming out of recession.

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