‘Little change in Xmas credit card spend’

There was little change in the amount consumers spent on credit cards last Christmas in comparison with the year before, according to new research.

A study from UK payments association Apacs found that consumers used their credit cards for about £11.4 billion worth of transactions over the Christmas period.

This is in comparison with the £11.5 billion of the previous year, with debit card payments rising significantly.

Sandra Quinn, director of communications at Apacs, commented: “We spent record amounts this Christmas and record amounts on our cards.

“The trend that we have seen over recent years of cards replacing cash and cheques on the high street continued this Christmas.”

Overall spending on plastic stood at a figure of £31 billion, which constitutes an 8.8 per cent rise since December 2005.

Research from Morgan Stanley last month revealed that although Britons were spending more on their plastic, they were also paying more of their debt off.

© Adfero Ltd

Leave a Reply

Your email address will not be published. Required fields are marked *