
Latest on UK Finance’s latest card spending figures has revealed that outstanding balances on credit card accounts have grown by 8.8 per cent over the twelve months to May and 49.7 per cent of outstanding balances incurred interest compared to 51.2 per cent twelve months ago.
In the 12 months to May and 49.7% of outstanding balances incurred interest compared to 51.2% 12 months ago.
The figures showed that there were 2.23 billion debit card transactions, 5.6 per cent more than in May 2022. The total spend of £67.3 billion was 2 per cent higher than May 2022.
There were 379.1 million credit card transactions in May, 5.6 per cent more than in May 2022. The total spend of £21.2 billion was 6 per cent higher than May 2022.
There were 2.16 billion debit and credit card transactions in the UK in May, 4.4 per cent more than in May 2022. The total spend of £76 billion was 2.2 per cent higher than May 2022.
Contactless payments accounted for 63 per cent of all credit card and 76 per cent of all debit card transactions.
There were 1.6 billion contactless card transactions in May, 7.5 per cent more than the 1.5 billion in May 2022. The total value of contactless transactions was £24.5 billion in May, a 11.5 per cent increase on £22 billion in May 2022.
The number of contactless credit card transactions was 10.2 per cent higher than May 2022. The number of contactless debit card transactions was 7.1 per cent higher than May 2022.