Credit card caution offers relief

Credit cards

Credit cardsWhile we can all go slightly overboard with our Christmas spending in the run-up to the festive season, new research suggests that some of us might be looking to tighten our belts in the current financial climate.

According to the British Bankers' Association (BBA), last month saw UK consumers pay off more of their credit card debt than they borrowed.

New spending on credit cards dropped to £6.8 billion in September, the organisation revealed, while a sum of £7.1 billion was paid back.

David Dooks, statistics director of the BBA, indicated that a range of pressures might be weighing down on the country's households at the moment.

He said: "Households are limiting their borrowing in the face of unemployment concerns and pressure on household finances amid general economic uncertainty."

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How do you plan to budget effectively for the Christmas period? Send us your tips by writing to [email protected]