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Credit card spending up 7.6%

UK Finance has released its latest Household Finance figures (August 2018), findings include:

  • Credit card spending was 7.6% higher than 12 months ago, with outstanding levels on card borrowing growing by 5.8 per cent over the year.
  • Re-mortgaging approvals were 9.2% higher than for the same period last year.
  • There was a fall in house purchases and other secured borrowing of 4.3% and 2.1% respectively.

Peter Tyler, Director at UK Finance, said, “Re-mortgaging continued to dominate in August, as homeowners took advantage of a competitive market to lock into attractive deals. Growth in card spending remained fairly strong, reflecting the boost to retail sales from the warm weather as well as the growing use of credit cards as a preferred means of payment. However, the overall economic outlook remains mixed as household incomes continue to be squeezed by rising inflation.”

 

UK Finance represents nearly 300 of the leading firms providing finance, banking, markets and payments-related services in or from the UK.  www.ukfinance.org.uk

October 30, 2018 - Industry Update



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