Outstanding balances on credit card accounts have grown by 9.6%

Latest UK Finance card spending data on outstanding balances on credit card accounts have grown by 9.6 % according to its latest update for March 2023. 

Outstanding balances on credit card accounts have grown by 9.6 % over the twelve months to March and 50.3 % of outstanding balances incurred interest compared to 52.3 % twelve months ago.

There were 343.8 million credit card transactions in March, 4.9 % more than in March 2022. The total spend of £20 billion was 8.4 % higher than March 2022.

There were 2.1 billion debit card transactions in March, 6.3 % more than in March 2022. The total spend of £70.7 billion was 7.5 % higher than March 2022.