FICO UK Credit Card Market Report

February 2024

The FICO UK Credit Card Market Report for February 2024 presents a mixed picture on consumer confidence and financial pressures. There was an uptick in spending after the usual seasonal dip in January and the number of people missing one and two payments fell. However, payments to balance fell by 3.6% compared to February 2023 and the average balance is higher than the previous month and previous year.

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UK credit card spending has started to pick up, after the usual seasonal dip in January, increasing by 1.6% on the previous month to an average of £785, an increase of 0.3% on 2023. (Graphic: FICO)

Highlights

• Average spend increased 1.55% over January 2024, reaching an average of £785
• With inflation still higher than the same period in 2023, spend remains higher year-on-year
• Payments to balance fell by 3.1% from January, with just 36.5% of outstanding balances paid in February and balances increasing 0.1% to £1770
• Fewer customers missed one or two payments compared to the previous month, but figures remain higher than 2023
• There was a slight year-on-year and month-on-month increase in the number of customers missing three payments

Key Trend Indicators – UK Cards February 2024

Metric	Amount	Month-on-Month Change	Year-on-Year Change
Average UK Credit Card Spend	£785	+1.6%	+0.3%
Average Card Balance	£1,770	+0.1%	+6.6%
Percentage of Payments to Balance	36.47%	-3.1%	-3.6%
Accounts with One Missed Payment	1.5%	-10.9%	+5.5%
Accounts with Two Missed Payments	0.33%	-10.3%	+3.6%
Accounts with Three Missed Payments