Credit card figures show debt concerns
By UK CreditCards.com
Credit card spending in the UK has increased each month so far in 2009, according to the latest figures from UK payments association Apacs.
The organisation revealed that there were 168m credit card purchases made in March, up from 159m and 160m in January and February respectively.
However, for the three months as a whole, gross credit card lending stood at £30.3bn, down 8.7% from the same period in 2008, which saw £33.2bn of lending.
Additionally, repayments fell by 7.9%, from £32.2bn to £29.6bn. But spending on plastic cards as a whole -- including debit cards -- rose considerably in the last year, with 1.9bn purchases during January to March, making a combined total of £94.2bn.
This was up on the 1.8bn purchases in the same period of last year, which came to a total of £91.2bn.
Combined debit and credit card spending already outstrips cash and Apacs predicts that debit card spending alone will soon move ahead of cash.
Published: 21 May 2009
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