17 November 2008
New figures have shown a ‘surprise’ increase in spending on debit and credit cards in the UK, the BBC reports.
September figures from Apacs (the Association for Payment Clearing Services) showed a 9.4% increase in credit card purchases in September, while gross lending increased by 7.4%.
The figures showed that the total value and volume of purchases were both higher than in any other month in the last year.
A debt expert for Think Money said: “Credit cards are a perfectly reasonable way of spending money, so long as enough of the debt is paid off at the end of each month. If that doesn’t happen, the interest can soon begin to build up, and the high APR on some credit cards can mean it doesn’t take long before some credit card debts become unmanageable.
“With a recession looming and the festive season approaching, we strongly advise consumers to tackle any debts as soon as possible, to minimise any potential financial hardship in the future.”
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