Credit card spending in September 2019 reached was 10.1 per cent higher than in September 2018 according to the latest Household Finance Update from UK Finance, with over £11 billion spent on cards. The level of credit card borrowing grew by 3% in the year to September 2019.

Repayments have remained in line with credit card spending, showing that consumers are managing their finances effectively overall.

Other statistics showed that gross mortgage lending across the residential market in September 2019 was £22.3 billion, 3.7 per cent higher than in the same month in 2018. There were 85,880 mortgages approved by the main high street banks in September 2019. Mortgage approvals for home purchases were 13.5 per cent higher, remortgage approvals were 23.4 per cent up and approvals for other secured borrowing were 8.5 per cent higher than in September 2018.

Commenting on the figures John Crossley, Director of Money at, said “The way we view debt has undergone a generational change. Whilst today’s UK Finance figures show that consumers are broadly managing their finances effectively overall, annual credit card spending has nonetheless increased by over 10%. Credit cards are no longer predominantly used to spread large costs, but used instead to manage everyday spending. Our recent research found that just over a fifth of young people say that they depend on a credit card to pay their bills – and similar numbers use credit to cover the cost of everyday living in order to make ends meet. Credit card spending isn’t the only thing which has increased in the last twelve months. Personal borrowing through loans has increased by 9.8% year on year, a sizeable increase.”

“Using credit cards for day-to-day purchases can be a convenient way for many to manage their finances – providing that users engage responsibly with their debt and shop around to find a card with a competitive interest rate. O% APR introductory offerings often only last for a fixed period before the user is automatically rolled onto a higher rate – and with the average APR currently sitting around 20%, switching credit card provider regularly can save consumers money.”