Credit card firms are likely to become more open to debt management solutions as cardholders move to control their spending.
That is according to David Rodgers, managing director of the Debt Advice Foundation, who said that Britons' spending habits have already changed due to economic pressures and that providers will have to adjust their products accordingly.
He added that some routine practices related to borrowing are likely to change in the coming year as consumers become more conscious about debt.
"People who are currently credit card hopping from one zero interest deal to another are suddenly faced with interest payments increasing the amount of their debt, month by month," Mr Rodgers explained.
"The reduction in credit card spending by consumers in the last year has shown that habits are already changing. The habit of debt … is a habit we would like to see change within the next year."
Earlier this week, a report from accountancy firm PricewaterhouseCoopers suggested that credit cards are likely to be used as a form of payment rather than a borrowing tool in the coming years.
This is based on the fact that card borrowing in the UK has declined by 3% in the last 12 months, while the number of credit cards in circulation has fallen by 8%.
That is according to David Rodgers, managing director of the Debt Advice Foundation, who said that Britons' spending habits have already changed due to economic pressures and that providers will have to adjust their products accordingly.
He added that some routine practices related to borrowing are likely to change in the coming year as consumers become more conscious about debt.
"People who are currently credit card hopping from one zero interest deal to another are suddenly faced with interest payments increasing the amount of their debt, month by month," Mr Rodgers explained.
"The reduction in credit card spending by consumers in the last year has shown that habits are already changing. The habit of debt … is a habit we would like to see change within the next year."
Earlier this week, a report from accountancy firm PricewaterhouseCoopers suggested that credit cards are likely to be used as a form of payment rather than a borrowing tool in the coming years.
This is based on the fact that card borrowing in the UK has declined by 3% in the last 12 months, while the number of credit cards in circulation has fallen by 8%.
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