Card spending continues to rise
Debit and credit card spending continues to rise according to recent data from Apacs. The BBC has reported new figures that show a ’surprise’ increase in spending on debt and credit cards in the
Apacs figures illustrated that the total volume and value of card purchases were both higher than in any other month in the last twelve.
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.”
Apacs also revealed that men are more likely to use plastic than women with the average man holding 4.4 plastic cards as opposed to women holding 4.
