Despite the credit crunch, or perhaps because of it, credit card spending in the UK could be rising.
Credit card spend is increasing because consumers are falling back on their credit cards to pay off debt . The cost of living has soared in recent months, with energy bills and fuel prices increasing significantly.
Because credit is now restricted, unsecured personal loans are extremely hard to access, meaning borrowers are turning to last resorts – their credit cards . Total credit card lending increased by £131 million in August, perfectly matching with the £132 million decline in new personal loans .
Consumers desperate for cash are setting themselves up for major financial problems, experts claim.
Credit card spending on the up
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Credit card spending on the up
Thu, 23 Oct 2008
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