According to recent reports from market analyst Datamonitor, spending on credit cards is likely to fall this year, as more and more consumers use debit cards to try and keep debt levels low.
Transactions on credit cards are expected to fall to £120 billion in 2008, a decline of 1.1 per cent. However, debit card spending will fall be 14 per cent, to a low of £438 billion.
Report Author Andrew Fabricius, reportedly commented: "The fall in the value of credit card transactions reflects the fact that consumers are less confident about spending on credit and also are spending less on large items, such as white goods. Particularly with less people moving home, there has been less demand for goods such as household appliances and furnishings, which typically might be purchased with a credit card ."
Credit card spending will tail off
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Credit card spending will tail off
Mon, 27 Oct 2008
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