Latest UK Finance figures has shownn that outstanding balances on credit card accounts has grown by 9.5% over the past year. UK consumers held more than £61 billion in credit card debt at the end of April, up from £57 billion last year and £1.2 billion more than at the beginning of 2023.
49.6 per cent of outstanding balances incurred interest compared to 51.3 per cent twelve months ago.
There were 326.4 million credit card transactions in April, 1.4 per cent more than in April 2022. The total spend of £18.4 billion was 2022.
Contactless payments accounted for 63 per cent of all credit card and 75 per cent of all debit card transactions There were 1.5 billion contactless card transactions in April, 7.3 per cent more than the 1.4 billion in April 2022. The total value of contactless transactions was £23.3 billion in April, a 12.9 per cent increase on £20.6 billion in April 2022.
The number of contactless credit card transactions was 9.5 per cent higher than April 2022. The number of contactless debit card transactions was 7 per cent higher than April 2022.