Nearly 50% of credit card users are cutting back on their credit card spending by almost £100 per month as the recession continues to bite.

However, as Tescocompare.com reports, whilst some 14.6 million users cut back, 4.8 million have seen their credit card outstanding balances rise by an average of £412 over the last 6 months.

Many see the use of credit cards as a way to maintain their preferred choice of lifestyle, others need them simply to manage their finances.

For those that are reducing their credit card outstanding balances, most are doing this to reduce their debt, increase their savings or just to become less reliant on credit.

It’s worth considering whether you have the best credit card deal.

As Debra Willians, spokesperson for Tescocompare.com, says ‘Our research reveals only half of all credit card users ever having switched provider, therefore we’d urge anyone that uses a credit card to review their current card to check they’re on the best deal possible. Just switching to a card that pays a lower rate of interest or one which has an interest free repayment period could cut the cost of borrowing.’

MoneyHighStreet.com recently did a review of the Virgin Credit card which you may find useful.