More and more borrowers are looking to clear their credit card debt as direct result of the current economic climate in these credit crunch times, according to predictions by Equifax.

Neil Munroe, external affairs director at the financial services firm, commented: “People will be more wary about running balances on these things in case their income suddenly disappears if they lose their job.”

Further predictions are that many of us will shy away from acquiring further credit card debt; instead turning to our debit cards for everyday purchases and only using our credit cards in times of emergency or to benefit from protection on high-cost purchases.