Credit, debit card spending grew to £371.6bn in 2008
By UK CreditCards.com
Consumers continued to spend more on credit cards last year, a new report revealed.
UK payments association Apacs released figures showing consumer spending on credit cards reached £126.2bn in 2008, 0.2% more than 2007's total of £123.8bn.
Spending on all types of plastic -- including debit cards -- reached a total of £371.6bn during the year, a 6.8% increase on the £347.8bn spent in 2007.
"The rise to dominance of the debit card both on and off the high street has been meteoric -- it was only back in December 2004 that combined total credit and debit card spending overtook total cash spending for the first time," said Apacs Director of Communications Sandra Quinn.
"This year we expect debit card spending alone will outstrip cash spending for the first time," says Quinn.
An agreement between the government and the Credit Services Association announced earlier this month will see people struggling with credit card bills and other forms of debt receive a 30-day grace period before being pursued by debt collection agencies.
Published: 5 May 2009
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