Spending on credit cards down

Published on 1 January 1970 by Raffick Marday

Britons 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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