Spending on credit cards down

Published on 12 May 2010 by Raffick Marday

Spending on credit cards downBritons will spend less on their credit cards in 2010 for the second year in a row, new research claims.

Datamonitor predict that total credit card transactions will fall more than £3bn to £110bn this year.

Last year, credit card usage dropped off by nearly £8bn (£7.8bn).

However, the analysts expect the market to begin recovery next year, with spending expected to increase by the £3bn to just over £113bn.

However, this is still some way short of the 2008 peak of more than £120bn (£121.4bn).

The figures also show that companies have cut back on the amount of credit cards they have issued by 10 per cent.

The average spend on cards was nearly £65 (£64.90) in 2008, but the 2011 figure is expected to be closer to £60 (£60.70).

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