January 2024 FICO UK Credit Card Market Report

ost-Christmas, consumer credit behaviour in January 2024 showed a typical drop in spending, with the average card spend decreasing by 8.6% compared to the previous month. The average spend per card was £775 in January.

However, there was some positive news for credit card providers as consumers increased their payments to balance by 2.7% during the same period. This marks the first increase in payments to balance since July 2023, which will likely be seen as a step in the right direction for credit card companies.

The FICO UK Credit Card Market Report for January 2024 also highlighted the overall trends in consumer credit behaviour at the start of the year. While spending decreased post-Christmas, there was an increase in payments to balance, indicating a more responsible approach to credit card management among consumers.

Credit card providers will be closely monitoring these trends to assess the overall health of the credit card market and make informed decisions on lending and risk management. The increase in payments to balance is a positive sign that consumers are actively working to manage their credit card debt, which can help reduce the risk of defaults and delinquencies for providers.

Overall, the FICO UK Credit Card Market Report for January 2024 provides valuable insights into consumer credit behaviour in the UK at the start of the year. The data shows a typical post-Christmas decrease in spending, but also highlights a positive increase in payments to balance. Credit card providers will be encouraged by these trends as they continue to assess and manage risk in the market.

For more information on the latest trends in the UK credit card market and how they may impact consumers and providers, be sure to read the full FICO UK Credit Card Market Report for January 2024. Stay informed and stay ahead in the ever-changing world of consumer credit.

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