By Jonathan Russell
Many Britons are restricting their spending on their credit cards, according to new research from Tesco.
Tescocompare.com found that 44 per cent of holders (14.6 million) have reduced their spending on their cards by almost £100 a month, although a third are not limiting themselves and do not plan to do so.
According to the study, seven per cent of people who have not restricted their spending say that doing so would affect their lifestyle, while 11 per cent believe they cannot handle their finances if they change their spending habits in such a way.
Those who have made cutbacks have reduced their balances by an average of £386 and 37 per cent of people did so in order to bring down the amount they owe.
Consumer group Which? recently reminded credit card providers that they are legally obliged to honour insurance payout claims made under section 75 of the Consumer Credit Act.
Under this law, consumers who paid between £100 and £30,000 for products which failed to arrive or were faulty can claim the money back from either the seller or the card provider.
