UK Credit Card Trends 2023-24: FICO Data Shows Rising Spend and Missed Payments [Yahoo! Finance]
Fair Isaac Corproation (FICO)
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Source: Yahoo! Finance
LONDON, July 01, 2024 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. 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 cash. Highlights Month-on-month fluctuations in credit card spend followed seasonal trends in 2023, however spending was higher than previous years in every month December 2023 saw average spend per UK credit card reach £850 - the highest since FICO records began in 2006 The percentage of payments being made compared to the overall balance has been trending down since July 202
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- UK Credit Card Trends 2023-24: FICO Data Shows Rising Spend and Missed PaymentsBusiness Wire
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