Credit card holders indulge themselves, report shows

Mon, 13 Mar 2006

Self-indulgence cost British credit card holders £7.8 billion in the last quarter of 2005, according to a new report by Morgan Stanley Card Index.

Credit card holders in the UK treated themselves to an average of £166 worth of goodies in the last three months of 2005, while only spending £55 on their partners, husbands or wives, according to the credit card report.

Family members benefited from presents to the value of £99 in this period, the Morgan Stanley Card Index shows.

In the festive season, children received gifts to the average value of £49, while friends were the beneficiaries of an average £9 worth of presents.

Commenting on the findings, the marketing director for the Morgan Stanley credit card Patrick Muir says despite reports of a quiet end to 2005 on the high street, the research by the credit card firm shows that Britons still found time for treating themselves to the occasional self-indulgent purchase.

"Over the past few years we have observed a growing trend in using credit cards for making everyday purchases, but they also remain a popular way for people to treat themselves before pay day," Mr Muir says.

The credit card firm's research shows that those in their 20s are seemingly the most self-indulgent, spending 62 per cent of their credit card expenses on personal shopping.

East Midlands is the region with the most self-indulgent credit card holders, according to the credit card index, as they indulge 59 per cent of their credit card spend on average on themselves.

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