Auriemma Consulting Group has published research that indicates that British consumers are less likely to have credit card debt than they were before the credit crunch. By the end of 2008, consumers users were 21% less likely to be burdened by credit card debt than they were at the beginning of the year. In Q1 2008, 63% of British consumers carried balances on their credit cards. By the end of 2008, the incidence of revolving debt on credit cards fell to just 50%.

As interest rates increased during 2008, consumers began taking steps to reduce their debt exposure. In addition to a reduction in the number of credit card users carrying a balance, the balances also decreased. In Q1 2008, the average balance held by consumers with credit card debt was £1,651, nearly £200 more than the amount reported in Q4 2008 (£1,453). During the same period, average interest rates on credit cards increased 10% to an all-time high of 15.7%.

Megan Bramlette, the Managing Editor of Cardbeat, the publication that featured the research, says, "Consumers proactively reducing their debt levels is encouraging, especially given the uncertainty of the economy and that many consumers are currently struggling to repay their debts. However, it must be noted that though many consumers are reducing their debt, there are many others are in worse shape than ever before, particularly due to the increased burden felt by rising interest rates."

The research published in Cardbeat indicated that income was the primary indicator of a consumer’s ability to repay their credit card debt. The average balance held by lower income consumers (defined as those with household incomes below £30,000) with credit card debt increased 23% over the course of 2008, from £1,111 in Q1 to £1,366 in Q4. Consumers with household incomes exceeding £30,000 were focused on paying down their debt; their average debt burden fell 18% from £2,448 to £2,006 during 2008.