New FICO data reveals typical festive season spending, but with consumers reducing percentage of payments to card balance there’s also the potential for increased debt into the New Year

New FICO data suggests the tide might be turning on consumer finances with average card spend falling and early missed payment rates rising as furloughs finish

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Financial prudence appears to be the current theme in the UK cards market with spending down and percentage of payments to balance up – but will this positive attitude remain as COVID savings dwindle?

August saw a two-year low in consumers paying less than the amount due on cards, although signs of financial pressure can be seen in an increase in the average balance for accounts that have two missed payments and another rise in the use of cash on cards

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Increased signs of financial pressure as government support reduces and spending opportunities increase, even though percentage of payments to balance maintains upward trend

The pandemic is driving a digital-first mindset around financial services

Credit card spend 3,5 percent higher compared to June 2019 suggests some households are benefitting from pandemic savings, but not everyone is experiencing post-COVID confidence with accounts missing two payments increasing 15 percent compared to May

4 percent rise in credit card spend and 10 percent increase in payments to balance reflects continued use of pandemic savings, plus pragmatic financial management with end of government support on the horizon