Credit, Collections & Insolvency News
UK Finance has released its latest card spending data for November 2023 highlighting that there were 379.3 million credit card transactions in November, 6.4 per cent more than in November 2022. The total spend of £20.9 billion was 6.2 per cent higher than November 2022.
Outstanding balances on credit card accounts have grown by 9.8 per cent over the twelve months to November and 49.5 per cent of outstanding balances incurred interest compared to 50.9% in November 2022
The figures also showed that there were 2.21 billion debit card transactions in November, 2.6 per cent more than in November 2022. The total spend of £66.3 billion was 1.3 per cent lower than November 2022.
There were 2.12 billion debit and credit card transactions in the UK in November, 2.9 per cent more than in November 2022. The total spend of £73.3 billion was 0.3 per cent lower than November 2022.
Contactless payments accounted for 61 per cent of all credit card and 75 per cent of all debit card transactions.
There were 1.55 billion contactless card transactions in November, 4.8 per cent more than the 1.48 billion in November 2022. The total value of contactless transactions was £24.4 billion in November, a 6.8 per cent increase on £22.9 billion in November 2022.
The number of contactless credit card transactions was 8.8 per cent higher than November 2022. The number of contactless debit card transactions was 4.2 per cent higher than November 2022.