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Britons spend GBP9 billion on credit cards, study shows

Mon, 11 Sep 2006

UK holidaymakers spent over £9 billion on credit cards this summer, according to new research.

The interest paid on credit cards could reach £550 million and last until Christmas, the Moneysupermarket.com study shows.

More than half of UK residents used a credit card while taking a holiday this year, with an average spend of £799.

However, 9% spent more than £1,001, while 5% splashed out in excess of £2,001.

Rob Kenley, Moneysupermarket.com's head of credit cards, said: "If you are one of the 41 per cent of credit card holders who fail to clear their balance at the end of each month you would be wise to transfer your debt onto one of the 49 0% balance transfer deals available in order to minimise the amount you will pay in interest."

Recent research from credit card provider Morgan Stanley shows that fewer Brits are using 0% credit cards.

Although 17% of UK cardholders are using 0% credit cards, more are turning to other deals, such as cashback and reward credit cards.

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