Plastic spending set for December record
Published On 10 November 2006
Spending on plastic is set to reach unprecedented levels over the Christmas period, according to newly released figures.Apacs, the UK payment association predicts that of the £51.6 billion set to be spent next month, £32 billion will be on debit and credit cards, some 61.6 per cent of all spending.
This is up from the 58.8 per cent figure posted last December.
Debit card use is expected to rise dramatically, with an increase in use of some 20 per cent on December 2005 to over £20 billion.
Sandra Quinn, director of communications at Apacs, remarked: "Over recent months we have seen that cardholders are becoming more responsible in the way that they borrow, reining in their spending and focusing on repayments.
"It appears that this Christmas is no exception, with the majority of spending being done by debit rather than credit cards."
Online shopping is one area where credit cards still hold sway over their debit brothers, with two-thirds of internet transactions conducted with credit.
