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UK card trends for March 2022

In the latest FICO’s ( Credit Card Market Report for March 2022, early results show that credit card payments have yet to show signs of financial distress but with repayments remaining a priority for credit card holders it suggests that there will be greater reliance on credit over the coming months as the cost-of-living crisis deepens due to higher inflation.

Compared to February, average card spend dropped marginally by just under 2%, and with the percentage of payments to balance increasing by just over 2% it indicates consumers are taking a pragmatic caretaking of credit card accounts.

“There are, however, clear signs of price pressures impacting finances with a 16% month-on-month increase in accounts that are one month in arrears.  Accounts two months in arrears are also increasing, by over 6% percent month-on-month.  However, the percentage of accounts with three missed payments has dropped by over 7% month-on-month,” says FICO.  “Remaining vigilant to repayment trends over the next few months will be critical for lenders to ensure vulnerable households are given the support they need.”

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