- Tuesday, 21 April 2009The number of credit cards currently in circulation in the UK has fallen by more than one millions, new research has revealed, which may convince Britons to seek debt management services to help them through the downturn.
Analysis by MoneyExpert.com of figures released by UK payments association Apacs has shown that the number of credit cards currently in existence stands at 30.2 million, down from the 31.5 million recorded at the beginning of 2008.
It is believed the decline has arisen from providers tightening their lending criteria, although successful debt management plans could help Brits to improve their credit rating.
Sean Gardner, director of MoneyExpert.com, said: "The nation's wallet has grown collectively lighter over the past year as the number of credit cards we're carrying falls."
He added that people no longer wanted to spend on plastic, while card companies no longer wished to lend.
Last month, one person in the UK was declared bankrupt or insolvent every 4.5 minutes, according to debt charity Credit Action.
Those struggling with debt may wish to consider an
individual voluntary arrangement (IVA).
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