FICO UK Credit Market Report November 2020: New Data Raises Concerns About Post-Christmas Payments as Consumers Raise Card Spending

Industry News | 21/12/20

November 2020 data on UK credit cards reveals consumer spending almost the same as 2019 whilst missed payments creep up. Highlights:
• Average spend on UK credit cards rises in lead up to Christmas; only 2.6 percent lower than November 2019 despite nationwide lockdown
• The average balance of accounts missing two payments is at its highest in the last six years
• Payments as percentage of balance decreased for first time since June
• Use of cash continues to fall; the proportion of cash to overall spend at the lowest point in last two years.

Source: Fico