FICO UK Credit Market Report September 2020 Shows Card Spend Rise Stalling

Industry News | 19/11/20

Global analytics software provider FICO has released its analysis of UK card trends for September 2020, which shows the continuing impact of COVID-19 on household finances even while furlough and payment holidays remained in place during the month. Highlights:
• Average spending on UK credit cards levelled after previous months’ increases; rates of one missed payment fell
• Rate of two missed payments continued to grow and September saw first increase in three missed payments since April 2020
• September was second consecutive month to see increase in average interest charged
• Percentage of payments to balance exceeded September 2019 rates
• Cash usage continued to increase