Credit card spending shoots up as customers turn to extra protections


Britain’s £11bn of credit card spending last month rose 8.8 per cent year-on-year, while the outstanding level of credit card borrowing grew 4.7 per cent in 2018, new data from UK Finance show.

“Growth in credit card spending continues to be largely offset by increased cardholder repayments, with almost half of cards not bearing any interest at all,” said Eric Leenders, managing director, personal finance at UK Finance.

“This reflects the growing trend of consumers using credit cards as a preferred payment method rather than as a means of borrowing, in order to take advantage of additional protections and value-added benefits.”

Source: CityAM