Consumers plan to use credit cards to fund summer sales purchase

By MoneyhighStreet Staff. Published on June 24, 2008 This post currently has no comments.

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Many consumers are planning to use credit cards to fund summer sales shopping, a new report has suggested.

Figures from Sainsbury''s showed that British consumers are gearing up to spend around £7.89 billion on bargains over the summer.

What''s more, it does not seem like fears about the state of the UK economy will stop people from shopping, with 63 per cent of consumers revealing they intend to spend around the same amount of money as they did last year.

The data also suggested that many people will turn to credit cards to finance their purchases. Nearly half (42 per cent) said they would be putting their sales buys on plastic.

Donald MacLeod, head of cards at Sainsbury''s Finance, commented: "If you are going to use a credit card in the summer sales, it pays to use one that gives you attractive rewards that are not only easy to collect but also redeem so that you really are earning whilst you spend and getting a little back."

Research from Abbey recently showed that 15 per cent of people from the UK said they would be using their credit card to pay for their holiday this year.