Credit card spending up by 68%

Spending on credit cards is likely to increase by 68 per cent against the same period last year, it has been claimed.

According to the Morgan Stanley Card Index, Britons intend to spend an average of £1,228 each on their credit cards in the first three months of 2007, which compares to £730 in 2006.

And it appears that consumers in the UK enjoy the convenience of a credit card, as 59 per cent of credit is to be spent on everyday items such as petrol and groceries.

However, Britons are also using their cards to pay for larger items such as home improvements or car payments, with men spending up to a third more than their female counterparts.

Patrick Muir, marketing director of the Morgan Stanley Credit Card, said that there was now “an increased confidence in the use of credit cards as a financial aid”.

He added that many shoppers were also taking advantage of reward schemes or cash back options on credit cards.

Morgan Stanley also offers personal loans in addition to credit cards.

© Adfero Ltd

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