Thursday, Oct 12, 2006

Card spending up 50% since 2001

Firstrung: Credit card spending in the U.K. reaches new high, up 50% since 2001

Despite a testing 12 months, a new report from independent market analysts Datamonitor, reveals that total spending on payment cards in the UK market once again reached a new high. The combined value of transactions made on charge, credit and debit and private label (store) cards was 470 billion in 2005, up 50% on the level in 2001.

Posted by converted lurker @ 10:41 AM (485 views)
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1. The Bald Man said...

There is nothing wrong with using a card provided it can be paid back without incurring hugh interest charges. If this trend reflects an increase in borrowing I am concerned that debt level , which already appear unsustainable, may just explode and "pop". I hope the banks capital ratios can withsatnd the bad debts coming their way.

Friday, October 13, 2006 10:24AM Report Comment

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