Here’s how much money the average Brit spends and owes on their credit card right now
Analytics group FICO has published its review of UK credit card data, with Brits clearly spending more on their cards in the lead up to Christmas.
However, while spending rose as expected during November, it was lower year-on-year, signalling continued pressure on household finances, the group said.
It noted that average balances resumed an upward trajectory as payment rates dropped to the lowest level since 2021, and overlimit usage increased, meaning risk and collections teams need to be particularly vigilant.
“The combination of the lowest payment rates since 2021 (33.4%) and increasing overlimit usage signals significant financial stress as consumers entered the critical Christmas spending period,” the group said.
“With the likelihood of further deterioration in December before some recovery in January, when consumers typically focus on paying off festive spend, risk and collections teams should implement enhanced monitoring for customers showing early warning signs of payment distress.”
FICO noted that the continued growth in delinquent balances across all categories indicates that when customers do miss payments, they are doing so with significantly higher debt loads than in previous years.
This will make recovery more challenging and require more intensive collection strategies.
“Compared to November 2024, there was a mixed picture across accounts with one, two and three missed payments. Improvements were seen in early-stage delinquency, while deterioration was evident in the later stages,” the group said.
Key stats
- Average UK credit card spend stood at £785, representing a 2.6% increase month-on-month but a 2.4% decline year-on-year.
- Average card balance reached £1,915, up 0.8% from the previous month and showing a 5% increase compared to the same period last year.
- Percentage of payments to balance was 33.4%, down 2.8% month-on-month and 7.4% year-on-year.
- Accounts with one missed payment represented 1.3% of accounts, declining 6.9% month-on-month and 1.7% year-on-year.
- Accounts with two Missed payments stood at 0.3%, up 1.7% month-on-month and 1.9% year-on-year.
- Accounts with three missed payments accounted for 0.2% of accounts, increasing 2.2% month-on-month and 3.5% year-on-year.
- Average credit limit was £5,920, showing a modest 0.2% increase month-on-month and a 2.6% rise year-on-year.
- Average overlimit spend came to £90, down 3.2% month-on-month with no change year-on-year.
- Cash sales as a percentage of total sales represented 0.8%, declining 5.4% month-on-month but up 2% year-on-year.
