In 2013 there have been 30.1 million credit and charge card holders, equating to about 60% of all UK adults. Credit cards were utilised for 42 purchases on average in 2013, with the typical transaction valued at £69.49.
More than 80% of all credit and charge card spending in 2013 was produced by cardholders who repaid the balance in full.
The report stated that in a reflection of people’;s want to pay down debt exactly where they can in difficult financial times, outstanding borrowing on credit cards has fallen by 15.6% from a monthly typical peak of £67.4 billion in 2005 to £56.4 billion in 2013.
The annual worth of card payments is anticipated to lift from £520 billion final year to about £874 billion in 2023.
This figure is expected to be boosted by card use by young adults who have grown up with debit cards, the development in technology such as contactless payments and the rise in net purchasing, which usually includes payments being made by debit card.
A report released by the British Retail Consortium (BRC) this week also suggested that advances in technology are prompting consumers to take their plastic out of their wallets to spend on occasions where they might have previously used cash.
Contactless “tap and go” debit card payments allow folks to make payments of up to £20 at the tillpoint merely by swiping their card on a reader.
About 7.2 million contactless cards have been issued in 2013 to leave the year-end total at 38 million.
Significant merchants which now accept contactless payments consist of Marks & Spencer, Greggs, Boots, Aldi, Lidl, Starbucks and Costcutter.
Cards spending total tops £500bn
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