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Credit card debt 'falling'

Credit card debt 'falling'

Category: Credit cards

Updated: 31/10/2008
First Published: 20/10/2008

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The number of people with debts on credit cards has fallen in the last year, it has been found.

According to Citizens Advice, debt accrued through credit, store and charge cards as well unsecured loans has dropped by four per cent.

However, it found that these type of debts still represent a third of all the problems it handles.

And problems arising from secured loans have been found to be increasing, as 35 per cent more enquiries were handled by bureaux in England and Wales in the last year, compared to the previous 12 months.

Chief executive of the body David Harker explained that the economic downturn is hitting low income families hardest, adding: "While we are pleased to see the number of consumer credit problems going down, the increase in the number of enquiries about basic essentials is worrying."

Last week a study by Payplan found that those between the ages of 50 and 60 owe an average of £41,400 in unsecured loans.

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