Record sum spent on credit and debit cards last year

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Record sum spent on credit and debit cards last year

Spending on Credit and Debit cards grew to £91.4 billion and this is an increase of £4.8 million in the 3 months to last September as a number of borrowers used their cards to pay general household expenses.
The debt charity stated that figures were down over Christmas but credit card debt is on the rise indicating that people are moving spending to credit cards as household expenses rise. This is bad news as people are using credit cards to meet bills is the first sign of debt trouble.
The body that represents lenders and credit card companies said between October and December last year, £32.4 billion was spent on credit cards. The second highest sum ever recorded. Over the same period, £59 billion was spent through debit cards, the highest since records began in 2000.
Cheques are reducing in popularity with the number of cheques used in 2007 falling by 9% to 1.6 billion. This was the fastest rate of decline since cheques started falling in 1991. Last year an increasing amount of retailers stopped accepting them with Tesco and Marks and Spencer about to stop using them out all together.

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