UK Credit Card Trends 2023-24: FICO Data Shows Rising Spend and Missed Payments
Fair Isaac Corproation (FICO)
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Source: Business Wire
Year-on-year analysis reveals impact of continued high costs and inflation requiring lenders to remain vigilant LONDON--(BUSINESS WIRE)--The last year has been challenging for UK households balancing budgets against rising fuel costs, spiralling inflation and wage pressures. Analysis by global analytics software firm FICO of its proprietary UK credit cards data for March 2023 to March 2024 illustrates the impact these pressures have had on credit card usage and debt management.This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240701357732/en/FICO data on UK credit cards shows that the percentage of payments being made compared to overall balances has been trending down since July 2023. (Graphic: FICO)Overall, consumer spend was up and payments to balance down year-on-year with credit card balances remaining high, having returned to pre-pandemic levels. The 12-month period also saw greater use of credit cards to withdraw cas
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