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"Brits worried about credit card payments"

By admin | March 13th, 2009 | Credit Cards

According to the results of recent research that has been carried out many Brits are not confident about repaying their credit card bills in the current financial climate.

The research was carried out by Virgin Money, and showed that many people were worried about credit card deals and being able to make repayments on their credit cards. In fact, the research showed that around 20 percent of Brits were not confident about repaying their credit card bills.

The research from Virgin Money also showed that around 12 percent of those responding to the survey said that they were ‘very unconfident’ about repaying their credit card debts, whilst a further 7 percent said that they were just ‘unconfident’ about making repayments. This equated to just over seven million people.

Officials from Virgin Money said that one of the factors that was resulting in this decreased confidence with regards to paying off credit card bills was the fact that many people were expecting their disposable income levels to drop over the course of 2009 due to a drop in income or a rise in monthly outgoings, which would leave them with less money with which to handle things like credit card debt.

Virgin Money UK managing director Rob Clifford said: “With 29 per cent of workers expecting a drop in disposable income over the next three months and next year, it is clear there is a mood of caution throughout the country.”

However, he added that many people were still confident about being able to pay their bills, stating: “There are signs of recession everywhere but there are also signs for optimism.”

Tags: credit card payments, virgin credit card, virgin money

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