Credit card spending to double says Morgan Stanley

The UK is planning to double its credit card spending as the summer season approaches, with holidays and home improvement at the top of our minds.

The average credit card holder is planning to spend £1,225 over the next three months compared to an average £645 over the last three claims Morgan Stanley research.

People said that they are planning to spend the largest single amount on their homes and cars at an average £363, while holidays were expected to cost an average £331.

“After the lull in spending in the new year, we are now seeing a rise in spending on DIY and holidays as we hit the bank holiday season,” said Patrick Muir of Morgan Stanley.

He added that people were also spending more credit on the mundane things in life, increasing their spending on groceries from £177 to £315.

“Britons are increasingly using their credit cards to pay for everyday items, including groceries, petrol and bills.

“These results show that across the board, people are comfortable using their credit cards for all types of purchases, often making the most of cashback and balance transfer schemes and being rewarded for the things that they buy anyway,” said Mr Muir.

© Adfero Ltd

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