Spending on credit cards down 3%

Posted on 18. May, 2009 in Credit cards, General News

According to the payments association Apacs, UK consumers have turned away from credit card spending during the recession. Spending on credit cards dropped by 3% in the first three months of 2009, compared with the same period in 2008.

However, increased use of debit cards meant spending on plastic cards was up 5.4% over the same period to £94.2 billion. The number of purchases made on cards was also up, by 6.5%.

Moving in the opposite direction was the use of cheques. In the first quarter of 2009, the number of cheques used fell by 10.6% and the total value of cheques dropped by 9.4%, compared with the same three months in 2008.

Source: BBC 15-05-2009

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