{"id":780843,"date":"2023-08-30T04:18:07","date_gmt":"2023-08-30T08:18:07","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/fico-uk-credit-card-market-report-june-2023\/"},"modified":"2023-08-30T04:18:07","modified_gmt":"2023-08-30T08:18:07","slug":"fico-uk-credit-card-market-report-june-2023","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/fico-uk-credit-card-market-report-june-2023\/","title":{"rendered":"FICO UK Credit Card Market Report: June 2023"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwleftsingle { border-left: solid black 1pt }\n.bwlistdisc { list-style-type: disc }\n.bwpadl0 { padding-left: 0px }\n.bwpadr0 { padding-right: 0px }\n.bwrightsingle { border-right: solid black 1pt }\n.bwrowaltcolor0 { background-color: #cceeff }\n.bwrowaltcolor1 { background-color: #d3d3d3 }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwtopsingle { border-top: solid black 1pt }\n.bwvertalignb { vertical-align: bottom }\n.bwvertalignm { vertical-align: middle }\n.bwwidth100 { width: 100% }\n.bwwidth20 { width: 20% }\n.bwwidth40 { width: 40% }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>FICO UK Credit Card Market Report: June 2023<\/b><\/p>\n<p class=\"bwalignc\"><i>Average credit card spend rises to highest level in 15+ years as inflation remains high<\/i><\/p>\n<p>LONDON&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nThe latest FICO data on UK credit card trends reflects the impact of inflation on consumers\u2019 budgets, as average spend hit its highest point in the 17 years since FICO records began, and average balances continued to track upwards.<\/p>\n<p>\nAlthough inflation started to drop in June 2023, the FICO report reveals the longer-term impact of rising costs over the last 12 months. The data suggests that savings are starting to come under pressure, as the percentage of payments to balance dropped by 3.7% in June and the number of customers missing 2 payments is 26.6% higher than June 2022.<\/p>\n<p>\nThe percentage of accounts going over their limit has also shown a marked increase over the last 12 months, with new accounts (those open less than 12 months) showing the sharpest increase.<\/p>\n<p><b>Highlights<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nAverage spend increased 4.8% month-on-month to \u00a3835, the highest level since 2006 (when FICO reporting began)<\/p>\n<\/li>\n<li>\nThe percentage of payments to balance dropped by 3.7% to 38% in June<\/p>\n<\/li>\n<li>\nThe average balance continues to trend upwards at \u00a31,705 in June &#8211; a 1.7% increase month-on-month and 6.9% year-on-year<\/p>\n<\/li>\n<li>\nThe pattern of missed payments continued to be erratic, with customers missing one payment in June decreasing by 6.6%<\/p>\n<\/li>\n<li>\nAccounts rolling forwards from one to two missed payments continued to increase steadily &#8211; 7.6% higher in June than May and 26.6% higher year-on-year<\/p>\n<\/li>\n<li>\nThe percentage of accounts going over their limit has also tracked consistently upwards over the last 12 months \u2013 increasing by 51% since March 2022<\/p>\n<\/li>\n<li>\nAnother indicator of financial stress is the use of credit cards to take out cash \u2013 with the latest FICO data showing that 3.6% of customers used their credit cards to withdraw cash in June, increasing 5.7% month-on-month and 7.5% year-on-year<\/p>\n<\/li>\n<\/ul>\n<p><b>FICO comment<\/b><\/p>\n<p>\nThe latest FICO data illustrates the continuing balancing act between high living costs and disposable income and savings. Whilst average spend has increased to the highest level since FICO reporting began in 2006, the up-and-down pattern of missed payments and the balance on those accounts missing payments suggest that savings are continuing to play their part. With two and three missed payment volumes trending upwards, the average missed payment balance is also increasing for these two groups since January and February 2023 respectively, although year on year they are still lower. The average balance for accounts with one missed payment has increased by 11% since June 2021.<\/p>\n<p>\nHowever, because higher average balances overall correlate with higher missed payment balances, FICO has also reviewed the one, two and three missed payment balance compared to the overall current balance. In all three cases, in the last few months this ratio has been flat, indicating that missed payment balances are not increasing at a faster rate than the overall current balance. This also suggests that issuers have robust risk management strategies in place, and are giving limit increase offers to customers who are not going to subsequently miss payments, and are making effective pre-delinquent and overlimit accept \/ decline decisions.<\/p>\n<p>\nAnother key factor for lenders is the repayment behaviour of established customers who have had their credit card for between one and five years. These cardholders continue to have the highest percentage of missed payments, which is likely to be impacted by introductory rates such as balance transfer offers ending. Lenders will need to proactively support this group in the months leading up to these rates coming to an end, with the new Consumer Duty Guidelines expecting issuers to ensure vulnerable customers are on the right product.<\/p>\n<p><b>Key Trend Indicators \u2013 UK Cards June 2023<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwtopsingle bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwwidth40 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><strong>Metric<\/strong><\/p>\n<\/td>\n<td class=\"bwtopsingle bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth20 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><strong>Amount<\/strong><\/p>\n<\/td>\n<td class=\"bwtopsingle bwsinglebottom bwrowaltcolor0 bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><strong>Month-on-Month<br \/>\n<br \/>Change<\/strong><\/p>\n<\/td>\n<td class=\"bwtopsingle bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><strong>Year-on-Year<br \/>\n<br \/>Change<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth40\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nAverage UK Credit Card Spend<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwalignc bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><strong>\u00a3835<\/strong><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwalignc bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><strong>+4.8%<\/strong><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwalignc bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><strong>+6.2%<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth40\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nAverage Card Balance<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><strong>\u00a31,705<\/strong><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwalignc bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><strong>+1.7%<\/strong><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwalignc bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><strong>+6.9%<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth40\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nPercentage of Payments to Balance<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwalignc bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><strong>37.97%<\/strong><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwalignc bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><strong>-3.7%<\/strong><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwalignc bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><strong>-7%<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth40\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nAccounts with One Missed Payment<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><strong>1.48%<\/strong><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><strong>-6.6%<\/strong><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwalignc bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><strong>+2.6%<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth40\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nAccounts with Two Missed Payments<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwalignc bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><strong>0.32%<\/strong><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwalignc bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><strong>+7.6%<\/strong><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwalignc bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><strong>+26.6%<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth40\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nAccounts with Three Missed Payments<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><strong>0.20%<\/strong><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><strong>-3.4%<\/strong><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwalignc bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><strong>+39.3%<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth40\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nAverage Credit Limit<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwalignc bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><strong>\u00a35,580<\/strong><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwalignc bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><strong>+0.2%<\/strong><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwalignc bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><strong>+1.2%<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth40\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nAverage Overlimit Spend<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><strong>\u00a390<\/strong><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><strong>-4.3%<\/strong><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><strong>-16.8%<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth40\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nCash Sales \/ Total Sales<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwalignc bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><strong>0.94%<\/strong><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwalignc bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><strong>+3.9%<\/strong><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwalignc bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><strong>-22.6%<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><strong>Source: FICO<\/strong><\/p>\n<\/td>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<\/table>\n<p>\nThese card performance figures are part of the data shared with subscribers of the FICO\u00ae Benchmark Reporting Service. The data sample comes from client reports generated by the <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.fico.com%2Fen%2Fproducts%2Ffico-triad-customer-manager&amp;esheet=53546269&amp;newsitemid=20230830361206&amp;lan=en-US&amp;anchor=FICO%26%23174%3B+TRIAD%26%23174%3B+Customer+Manager&amp;index=1&amp;md5=87a2c544d28cc2a1eec5ddad94cebd97\"><b>FICO<sup>\u00ae<\/sup> TRIAD<sup>\u00ae<\/sup> Customer Manager<\/b><\/a> solution in use by some 80% of UK card issuers.<\/p>\n<p><b>About FICO<\/b><\/p>\n<p>\nFICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 215 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in nearly 120 countries do everything from protecting 2.6 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO\u00ae Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and other countries, improving risk management, credit access and transparency. Learn more at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.fico.com&amp;esheet=53546269&amp;newsitemid=20230830361206&amp;lan=en-US&amp;anchor=www.fico.com&amp;index=2&amp;md5=1150109a77c20a28936deb863fedcaf4\">www.fico.com<\/a>.<\/p>\n<p>\nFICO and TRIAD are registered trademarks of Fair Isaac Corporation in the U.S. and other countries.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230830361206r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230830361206\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230830361206\/en\/<\/a><\/span><\/p>\n<p><b><i>For further comment on the FICO UK Credit Card activity contact:<br \/>\n<\/i><\/b><br \/><b>FICO UK PR Team<br \/>\n<\/b><br \/>Wendy Harrison\/Parm Heer<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:ficoteam@harrisonsadler.com\">ficoteam@harrisonsadler.com<br \/>\n<\/a><br \/>0208 977 9132<\/p>\n<p><b>KEYWORDS:<\/b> Europe Ireland United Kingdom<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Banking Professional Services Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230830361206\/en\/1338635\/3\/fico-logo-blue-large.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>FICO UK Credit Card Market Report: June 2023 Average credit card spend rises to highest level in 15+ years as inflation remains high LONDON&#8211;(BUSINESS WIRE)&#8211; The latest FICO data on UK credit card trends reflects the impact of inflation on consumers\u2019 budgets, as average spend hit its highest point in the 17 years since FICO records began, and average balances continued to track upwards. Although inflation started to drop in June 2023, the FICO report reveals the longer-term impact of rising costs over the last 12 months. The data suggests that savings are starting to come under pressure, as the percentage of payments to balance dropped by 3.7% in June and the number of customers missing 2 payments is 26.6% &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/fico-uk-credit-card-market-report-june-2023\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;FICO UK Credit Card Market Report: June 2023&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-780843","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FICO UK Credit Card Market Report: June 2023 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/fico-uk-credit-card-market-report-june-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FICO UK Credit Card Market Report: June 2023 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"FICO UK Credit Card Market Report: June 2023 Average credit card spend rises to highest level in 15+ years as inflation remains high LONDON&#8211;(BUSINESS WIRE)&#8211; The latest FICO data on UK credit card trends reflects the impact of inflation on consumers\u2019 budgets, as average spend hit its highest point in the 17 years since FICO records began, and average balances continued to track upwards. Although inflation started to drop in June 2023, the FICO report reveals the longer-term impact of rising costs over the last 12 months. The data suggests that savings are starting to come under pressure, as the percentage of payments to balance dropped by 3.7% in June and the number of customers missing 2 payments is 26.6% &hellip; Continue reading &quot;FICO UK Credit Card Market Report: June 2023&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/fico-uk-credit-card-market-report-june-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-30T08:18:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230830361206r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/fico-uk-credit-card-market-report-june-2023\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/fico-uk-credit-card-market-report-june-2023\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"FICO UK Credit Card Market Report: June 2023\",\"datePublished\":\"2023-08-30T08:18:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/fico-uk-credit-card-market-report-june-2023\\\/\"},\"wordCount\":877,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/fico-uk-credit-card-market-report-june-2023\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20230830361206r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/fico-uk-credit-card-market-report-june-2023\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/fico-uk-credit-card-market-report-june-2023\\\/\",\"name\":\"FICO UK Credit Card Market Report: June 2023 - 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Although inflation started to drop in June 2023, the FICO report reveals the longer-term impact of rising costs over the last 12 months. 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