According to James Ketchell, spokesperson for the Consumer Credit Counselling Service (CCCS), the fact that in-house figures which show credit card borrowing to have fallen since August is a good sign.
“We have seen since August last year that overall credit card borrowing has actually dropped, so we are seeing a more responsible consumer emerging,” said Mr Ketchell.
“The issue is that there are still a small percentage of people managing their debts and they still need as much help as we can give them.”
However, he stressed that people still need to consider the long-term financial effects spending large amounts of money after Christmas, such as buying a new kitchen or sofa.
Despite the CCCS’ findings, both the Bank of England and the British Bankers’ Association believe that net credit card lending actually increased in November.