U.K. credit card spending climbs as consumers prefer plastic
U.K. credit card spending rose an annual 7.5 percent in November, as consumers increasingly prefer to spend on plastic, according to UK Finance.
Consumers spent 11.3 billion pounds on credit cards last month, UK Finance, which represents more than 250 banking and finance firms, said in a report on Friday. Over the past twelve months, the outstanding level of borrowing grew by 5.3 percent. Gross mortgage lending across the residential market fell 2 percent from a year earlier to 23.1 billion pounds.
“The increase in spending, which is largely offset by cardholder repayments, reflects the growing use of credit cards as a preferred form of payment, particularly in travel, as consumers take advantage of stronger customer protection and value-added benefits,” Eric Leenders, managing director for personal finance, said.