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Credit card spending on the up

Thu, 18 Jun 2009

Brits are beginning to splash the cash on nights out again, according to Virgin Money Credit Cards, a possible sign of green shoots in the economy.

New research from the company shows that credit card customers spent 25 per cent more on going out in the first quarter of 2009, partially due to the Easter holidays .

Credit card transactions in bars, cinemas, restaurants and theatres totalled £20 million in the first three months of the year, compared to £16 million in the same period in 2008.

Grant Bather, spokesman at Virgin Money, said: "Analysis of our customers' spending shows that they are more willing to spend on entertainment and leisure which is a sign of a return of confidence."

However, he added that the spending was responsible and there were no signs of people getting into debt due to the increase.

Recent research by National Savings and Investments showed that British people are so distracted by the warm weather that they are spending savings money on frivolous activities.
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