UK Money News
7th February 2008
Christmas credit card spending down
Credit card spending slowed over Christmas as more consumers chose to pay for goods outright, new figures show.
Data from payments association Apacs shows that spending on credit cards fell slightly from £11.4 billion to £11.3 billion over the festive season.
Meanwhile, the amount spent on debit cards, whereby the money is removed from customers’ accounts instantaneously, rose 6.8 per cent to £20.9 billion.
Sandra Quinn, director of communications at Apacs, said that the figures suggest a move away from the carefree spending on cards that has characterised consumer habits over the last decade.
She commented: "This trend highlights what we have been seeing over the past few years with people increasingly opting to use their debit card rather than credit card; reflecting that people are thinking more carefully about whether they can afford to borrow."
The total spend on plastic over Christmas stood at £32.2 billion, with £5.4 billion being spent by consumers online.
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