UK Credit Card Debts Fall for First Time Since 2013
After a period of heavy borrowing in the UK, where credit card applications, finance arrangements and other types of debt soared, a recent look at things perhaps points to a more frugal couple of years ahead.
For the first time in over 6 years, UK credit card debts have fallen, which is evidence of a fading demand for consumer credit.
At long last, some might say.
Whether that’s finance to buy a new car, or a flash new credit card to cover a spending spree, this data does seem to reflect a widening realisation that borrowing more than you can pay back quickly is not necessarily a good idea for most.
At Court Enforcement Specialists, we would always advise anyone to think very carefully before taking on any kind of debt, because as we all know, debts have to be repaid.
If we’ve said it once, we’ve said it a million times...
“If you owe it, pay it, and if it’s not yours, give it back.”
If you don’t take on the debt in the first place, there’s nothing to worry about.
If you pay it back on time and as per all of the agreements, there’s nothing to worry about either.
It is pleasing to see that the latest data seems to indicate an outbreak of common sense.
Of course, this has been supported by regulation changes, both already passed and those planned for the future.
Measures such as making it easier for debtors to accelerate their repayments will come in soon, meaning that there should be even less opportunity for people to get themselves into trouble.
We often see people who are barely keeping their heads above the water due to debt, and whilst it is something that is normalised in our culture, the effects can be extremely damaging, not just on the individual, but on families and communities as well.
The signs are good, but they are only signs.
We will certainly be maintaining our interest levels on what comes next.
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