Britons Set New Low For Card Usage

U.K. consumers hit a record low for credit card usage in January, using plastic less than any other time in Britain's history, according to findings released by the British Bankers' Association.

The BBA said the amount borrowed on credit cards fell last month by nearly $657 million, or 42%, from December's total of $156 billion.

Despite a drop of $17 million in the amount of overall consumer credit outstanding, the total net lending rose by $7 billion last month, thanks to increases in mortgage originations and personal loans.

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