Credit card spending down for first time in 14 years

Consumers borrowed less on credit cards for the first time in at least 14 years, figures for 2006 revealed today.

Credit card lending fell by £1.8 billion last year - the first annual fall since the body began compiling lending data in 1993, the British Bankers' Association (BBA) said.

The figures suggest consumers are paying off their credit card debt and putting less money on plastic.

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