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Credit card spending habits 'changed by recession'

Attitudes to credit card spending have changed due to the recession, according to new research.

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26 January 2010

Credit card spending habits 'changed by recession' ”

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The study by PayPal found over one in six of those polled claim to save up for things they want to buy rather than using a credit card as they would have done before the economic downturn.

Shoppers have also become more price conscious, with 58% stating they are more aware of the price of things and 54% claiming they have started bargain hunting more.

The news comes as Britain moves out of recession, with figures showing the economy grew by 0.1% in the last three months of 2009.

The slight increase follows a contraction over six consecutive quarters, marking the longest period of decline since records began in 1955.

Marketing Director of PayPal UK Mark Hodson commented: "Although we're now technically out of recession it's going to be some time before consumers start feeling better off and in the meantime we're likely to remain savvy shoppers."

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Credit Cards	Balance Transfers	Purchases	APR Representative (Variable)
	Tesco ClubCard Purchases Credit Card
	0^% 9 months 2.9% fee	0^% 16 months	16.9^%
Representative Example: The annual purchase rate is 16.9% p.a (variable) so if you spend £1200 your representative apr will be 16.9% p.a (variable)
	Barclaycard Platinum With BT (27 Mths)
	0^% 27 months 3.5% fee	0^% 6 months	18.9^%
Representative Example: The annual purchase rate is 18.9% p.a (variable) so if you spend £1200 your representative apr will be 18.9% p.a (variable)
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