Many UK adults 'reducing credit card repayments'

Many UK consumers are having to reduce their credit card repayments in the current financial climate, according to new research.

YouGov figures published by the Callcredit Information Group reveal that as many as five per cent of those consumers polled in a recent survey are making minimum repayments when they once aimed to fully pay back their monthly balances.

Meanwhile, nine per cent of people looking to get credit are said to have tried to gain a higher limit by claiming that their income is larger than it actually is

Callcredit Information Group's managing director Graham Lund believes that this is a worrying development.

"If the borrower is inflating their income significantly and then maxes out their high credit limit, they are running a serious risk of getting into financial difficulties," he commented.

People's savings could help them to overcome credit debt by enabling them to increase their repayments, moneysupermarket.com has recently suggested.

Posted by Tom Burroughs.