Credit card debt rises in July, figures show

Fri, 01 Sep 2006

Consumer spending on credit cards rose in July, according to recent figures.

This led to a "sharp rise" in total credit card debt, the AWD Moneyextra statistics indicate.

The average balance transfer requested on Moneyextra's credit card comparison tool was £2,933 in July, which is the highest figure recorded in six months, representing a 10.6 per cent rise in average credit card debt from the previous month.

Moneyextra’s Robin Amlot said: "Wimbledon and the World Cup may have kept people out of the shops this June but it appears they returned, credit cards in hand, in July.

"Outstanding credit card balances have risen by almost 20 per cent since April and they’re set to rise further – with holiday costs, back to school costs and year-end festive spending to come.

"It’s more important than ever that people make sure they have the right credit card for their circumstances."

Recent Bank of England statistics show that total credit card lending in the UK rose by £0.2 billion, while the rise in consumer credit was £1.1 billion.


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