FICO’s report, which covers data from March and April, states that “inflationary challenges” continue to be reflected in higher levels of credit card spend compared to 2022.

According to FICO, consumers spent up by 6.7% in March and 8.7% in April compared to March and April 2022.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Average total sales were down month-on-month by 6.1% in March and up to 12.1% in April, at £735 and £825, respectively.

In January, FICO published figures showing people spent, on average, £755 that month using their credit cards.

The January numbers marked an 8% drop compared to December 2022, when people had spent, on average, £825.

The latest report claims average balances across both months are up 8.2% year-on-year to £1,645 in March and £1,680 in April.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“The yo-yo pattern of financial management — seen for the last few months — reflects the general economic uncertainty, particularly for mortgage holders”, FICO commented on the latest figures. “With increased scrutiny as the new Consumer Duty Guidance comes into force on 31st July, lenders will be wanting to apply the highest levels of account management.”

FICO: Missed credit card payments relatively stable in March and April

On the other hand, accounts with two missed payments were relatively stable month-on-month in March and April 2023. Despite this, the number of missed payments is still significantly higher year-on-year, with 20.2% more missed payments in March 2023 and 19% more in April 2023 than in March and April last year.

“Currently it seems that cardholders are making a concerted effort not to roll arrears forwards, with the percentage of two missed payments only increasing by 2.1% in March and actually decreasing by 0.3% in April. However, with such volatile conditions, lenders will want to remain focused on these trends in the next few months”, FICO added.

FICO provides predictive analytics and data science services to improve business operational decisions.