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Little change in credit card habits

Payments association Apacs has found only a nominal change in credit card spending in 2008.

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23 February 2009

Little change in credit card habits”

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In its overview of UK payments data, the body noted spending this way had risen to just £126 billion from £124 billion in 2007.

The report also cited Bank of England figures showing gross credit card lending to individuals had amounted to £131.4 billion, up from £128.5 billion the previous year.

Repayments to UK resident banks were also up.

In total, there were 7.4 billion plastic card purchases made in the country during 2008, of which debit cards accounted for almost three quarters.

Apacs' figures preceded news from New Zealand this week that credit card billings in the country rose for the first time in four months in January.

The Reserve Bank of New Zealand said total billings increased a seasonally adjusted 1.7% last month in the strongest monthly gain since May 2006, reports Reuters.

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