The Bank of England say credit card companies and banks overestimated the number of borrowers who would default on loans and cards.
Lenders expected an increase towards the end of last year, but in fact default rates fell from October to December.
It's as consumers have rushed to pay off unsecured loans and credit card bills, paying off £400 billion worth of debts last month alone.
The Bank of England's expecting this trend to continue throughout 2010.
Meanwhile the 'Trends in Lending' report also found the difference between the base rate of 0.5 per cent, and the interest rates on cards is much bigger than a year ago, but say the difference is because of the higher risk of defaults.