Several surveys have reported recently on spending trends for the festive season and none of them seem likely to put a smile on issuer’s faces. Unsurprisingly significantly fewer people will be using a credit card to pay for Christmas this year, according to new research by Legal & General. The survey revealed that around 1.6 million families could find Christmas unaffordable. Around a third of households paid for Christmas with credit cards last year, but this number is expected to drop to a fifth this year. With increasing pressure on household incomes coming for all directions, a third of households are planning to spend less on gifts this year. 67% said they had enough money put aside for Christmas, while in the
Credit card holders in the
Despite stores offering tempting cut-price deals, shoppers are in a cautious mood in the run up to Christmas according the British Bankers’ Association (BBA), and while consumers spent a total of £7.2 billion on plastic, they repaid £7.4 billion. This continued a trend from September which also saw a higher level of repayments than new spending, with £6.9 billion being spent on cards and £7.2 billion being paid back.
Maybe the increase in spending via mobile devices will alleviate some of this but along with the prospects for the general economy the future for credit cards continues to look less than bright.
Savantor services are tailored to Client needs based on our core service areas
Specialist Resourcing Payments Strategy Platform Transition Operational Efficiency
Consulting and contracting roles in the payments, mobile and banking arena within the UK and across Europe
View more
Find out more from our Savantor brochures, MarketEye back copies and Industry opinion
Collateral Market Eye News & Views Sign Up to receive MarketEye
"We needed expert help at short notice and Savantor were very impressive in their response and knowledge. The results were very clear and useful, enabling us to quickly make good progress on the next steps."
Sami Karhunen, Head of Business Intelligence and SME Sales - Point Transaction Systems Oy - Finland
"Savantor did a superb job in confirming what we believed was an area of weakness. The detail we now have will enable us to agree internally what we need to do to improve structure, control and income. Nationwide management were very impressed with the quality of the Savantor team."
Adam Slater, Senior Manager - Banking - Nationwide Building Society - UK
"Savantor's knowledge and experience were the key differentiators in selecting them and they contributed greatly to the success of the product launch and the effectiveness of the ongoing operational service."
Toine Schepers, Operations Director - Primeline - The Netherlands
"Savantor did an outstanding job of the review and I received nothing but positive feedback on the interaction with our management team."
Jeff Guthri, COO - Moneris Solutions - Canada
"The expertise provided by Savantor has greatly helped us evaluate our risk position and to take the right steps in managing our future risks. Strong, disciplined planning and an ongoing willingness to work closely with our staff played an enormous part in making this a very successful well-delivered project which will greatly help us in achieving our business goals."
Mark Healy, Chief Risk Officer - NEOVIA Financial - UK
"Savantor did an absolutely superb job for us on the Collections programme. The professionalism, hard work, courtesy and tenacity of their experts is a credit both to the individuals and to Savantor."
Peter O'Dea, Senior Manager - Collections Department - Permanent tsb bank - Ireland
"This was a major business transformation that required us to build an excellent team made up of internal bank specialists, supported by external card business, technical and operations expertise. Savantor provided specialists from the local market and with international experience to fill a variety of important roles. The Savantor resourcing team are professional, reliable and good people to work with."
Ricardo Gomez, Director - Operations & Technology - WiZink Bank - Spain
"We needed a programme manager for a complex transformation who also brought a broad understanding to help stakeholders through the change. We have been delighted with the delivery and outcomes from this engagement with Savantor."
Michael Liquornik, Executive Vice President - Neovia Financial - UK
Send us a support request and one of our specialists will be in contact to assist you.
Register your CV with us and gain access to a range of job opportunities through our online job search portal.
