Concerns over credit card payments amongst Brits

Many Brits are lacking in confidence when it comes to being able to meet their credit card repayments in the current financial climate. The data comes from a report that was complied following research that was carried out by Virgin Money. The results of the study showed that there are many people that are concerned about being able to keep on top of their mortgage repayments.

Around 20 percent of people that responded to the survey said that they were not confident about making repayments on their credit card debts. In a breakdown of the figures 12 percent of those polled said that they were very unconfident about making repayments on their credit card debt, and a further 7 percent said that they were just unconfident about making repayments.

According to officials from Virgin Money one of the major factors affecting the confidence of consumers with credit card debt is the expectation of a reduction in disposable income due to rising outgoings or reduced income or job losses. Many people were concerned that they would have less money with which to repay their credit card debt.

An official from Virgin Money 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.” He said, however, that most people were confident that they would still be able to keep up with payments on bills, stating: “There are signs of recession everywhere but there are also signs for optimism.”