Economic problems ‘won’t stop credit card spending’

British shoppers are planning to spend nearly £8 billion in summer sales this year, despite widespread financial fears.

Research from Sainsbury’s suggests that £3.29 billion of that will go on credit cards, with only 20 per cent of people expecting to spend less than they did in 2007.

On average £305.90 will be spent per person, according to the company’s credit card division.

Commenting on the findings, Sainsbury’s Finance head of cards Donald MacLeod urged consumers to take advantage of reward schemes.

He said: “If you are going to use a credit card in the summer sales, it pays to use one that gives you attractive rewards that are not only easy to collect but also redeem so that you really are earning whilst you spend and getting a little back.”

The survey found that those in the south-east were planning to spend the most, at an average of just over £400, while in the east Midlands and Anglia the anticipated figure dropped to £192.60.

Life insurance company Zurich revealed last week that more than a third of people in the UK don’t actually believe the credit crunch will affect them.

© Adfero Ltd

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