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Credit and debit card spending reaches £94.2bn

Spending on debit and credit cards increased by 5.4% from this time last year, according to statistics released by UK payments association Apacs.

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15 May 2009

Credit and debit card spending reaches £94.2bn ”

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Payments on debit and credit cards reached a total of £94.2 billion in the first quarter of 2009, up 5.4% from last year.

There was also an increase of 6.5% in the number of purchases made over the same period.

No change occurred in the ratio of credit card repayments from the same quarter last year, the statistics revealed.

Sandra Quinn, director of communications at Apacs, said: "It was only back in December 2004 that combined total credit and debit card spending overtook total cash spending for the first time. This year we expect debit card spending alone will outstrip cash spending for the first time."

The total credit card lending to individuals over the first three months of this year was £30.3 billion.

Repayments on credit cards amounted to £29.6 billion.

Written by Marcus Jenkins ©

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