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Credit card expenditure 'to increase'

Published: 21/01/2010

A large number of Brits are planning on spending more money using their credit cards in January compared to the same month last year.

This is according to the Post Office's Consumer Credit Report, which revealed that this trend will apply to 2.6 million people. A further one in five respondents said it will take them more than a year to pay off their old 2009 debts.

Over 12 million adults with credit card deals plan to use credit for everyday purchases such as groceries, which amounts to an eight per cent increase from last year.

Az Alibhai, Post Office's head of lending, said it is "understandable" that people are using credit cards for expensive purchases.

"But the continued trend for people to rely on their cards for basic day-to-day purchases is a concern.

"Whilst the recession has left many with no choice, these debts build up quickly if not paid off in full each month, and can be extremely costly over time when interest is added."

Earlier this week, the UK Payments Administration called on the credit card industry to give consumers greater control over their finances.

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