2023 State of Credit
Learn about consumer attitudes towards credit, the BNPL boom, and how consumers think about spending
How are consumer expectations of their credit cards changing and can credit providers keep up? Marqeta explores this and more in its 2023 State of Credit Report. In partnership with Propeller Insights, Marqeta conducted a survey of over 1,000 consumers in the UK to uncover how consumers are adapting amid a changing economic environment, their sentiment toward their credit offerings, and the opportunity for companies to provide new, personalized credit experiences.
38% of UK respondents have used Buy Now, Pay Later (BNPL) services to make ends meet during the last 12 months.
Nearly half of UK respondents (47%) reported that they are looking to build a credit history or improve their credit score.
61% of UK consumers looking to build their credit confirmed they were interested in using BNPL to further improve credit scores.
Consumers Increasingly Reliant on Credit
Over the last 12 months, UK consumers surveyed reported being increasingly reliant on credit, with 53% of respondents reporting that they are now routinely using credit cards to make ends meet. Almost half (46%) of respondent said they have concerns with traditional credit options due to inflation and it being harder to make minimum monthly payments on their credit cards.
Buy Now, Pay Later’s Credit Building Potential
UK consumers surveyed said they are turning to new credit options and are using BNPL services as a tool to help build credit and secure access to additional credit services. Nearly half of UK respondents (47%) reported that they are looking to build a credit history or improve their credit score and 61% of them confirmed they were interested in using BNPL to further improve credit scores and eventually get a credit card.
Consumers looking to brands for financial services
UK consumers surveyed reported being more reliant on their favourite brands to provide credit products with 31% of respondents looking for a recognisable brand they trust when choosing to apply for a new credit card, compared to 21% of US respondents. Additionally, nearly one in four consumers surveyed (24%) reported owning a credit card affiliated with a brand and 54% consider themselves a customer of the brand or store, instead of the bank.
