In the UK this year we’ve spent less on our credit cards than in 2005, which is bad news for Debt Consolidation companies who thrive on the debt people wrack up on their plastic.
In the first six months of 2006 Brits managed to save over £2 billion compared with the same period of time last year, spending only £58.4 billion against last years total of £60.6 billion.
The fact spending on debit cards has increased by just under £4 billion, points towards the fact that more people in the UK are trying to pay back their credit card debt without the aid of debt consolidation companies.
If this trend continues then a market which is already saturated with so many different organisations offering similar services may endure setbacks.