Credit card repayments ‘remain over 95 per cent’

People are still paying off credit cards in the large majority of cases, a new report indicates.

According to Apacs, last year the amount of consumers putting money back onto their plastic was above 95 per cent.

This is the third time in a row annual figures have been more than 95 per cent and marks a large difference compared to the 88 per cent recorded five years ago.

“In the fourth quarter of 2007 there were 1.9 billion plastic card purchases made in the UK totalling £91.5 billion,” read the report.

Furthermore, the payments body has revealed that clearing volumes have gone down by 9.3 per cent in the last 12 months – the fastest ever rate annual rate.

Earlier this week, Apacs director of communications Sandra Quinn commented that the firm is backing the OFTís report on how to make switching credit cards easier for consumers.

© Adfero Ltd

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