It seems so as British Bankers Association has revealed that credit card borrowing has taken a hit for the sixth time in a row. Credit card lending continues to travel south with other types of unsecured debt such as overdrafts and personal loans continuing to move north.
People are shifting from credit cards to other forms of financing as they feel that credit cards is one of the most expensive forms of credit and this is one of the main reasons why users are running away from it. Now consumers are moving towards long term financial options which can grant them stability too.
Credit card companies need to realize that if they continue to charge such exorbitant rates of interest they would certainly lose their business to other forms of lending. I hope the companies are listening.
