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This could be because people are not so dependent on their credit cards because their mortgage payments have been reduced, according to a financial website.

Michelle Slade, spokesperson for Moneyfacts.co.uk, said the risk of unemployment may also have decreased people's spending habits.

Her comments follow the latest quarterly statistical release from the UK Payments Administration, which indicates spending on credit cards was in negative growth in the second quarter of this year.

This is in terms of both the number of purchases and the amount spent, down by 0.1% and 1.0% respectively.

According to the statistics, this is the first time in two years credit card spending has fallen to this level.

Ms Slade suggested people may be choosing to pay off debts over saving money since savings rates are so low.

"If they are not getting the money on their savings it makes more financial sense to pay off their debts rather than put the money in a savings account," she said.

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