credit card spending

Higher inflation and interest rates increasing financial volatility

28th June 2023 Banking and Loans | #credit card spending

Latest analysis of credit card data from FICO has painted a picture of considerable consumer financial volatility as the dual pressures of higher inflation and higher interest rates squeeze funds. FICO says the ongoing inflationary challenges faced by consumers continue to be reflected in higher levels of credit card spend, compared to 2022 – with…

Consumers battle to manage credit card finances

28th April 2023 Arrears and Recoveries | #credit card spending

Latest data from FICO on UK credit card trends has illustrated the financial balancing act many consumers are facing. Average card spend has increased month-on-month and year-on-year. Higher prices for day-to-day purchases will be reflected in this increase. UK consumers are also paying off less of their outstanding balance, indicating the squeeze on personal budgets.…

Credit card spending continues to rise

17th February 2023 Arrears and Recoveries | #credit card spending

Latest data from UK Finance found that credit card balances grew in November 2022. The data found that there were there was 355.1 million credit card transactions in November, 0.3 per cent more than in November 2021. The total spend of £19.6 billion was 5.3 per cent higher than November 2021. Outstanding balances on credit…

Contactless card use soars

17th February 2022 Consumer Lending | #credit card spending

Latest figures from UK Finance have indicated that cash is no longer king as contactless card use figures have soared. The figures showed that contactless payments increased by 83% for credit cards and 56.2% for debit cards. Whilst there were 2 billion debit card transactions in November 2021, 29.5% more than the same month last…

Card spending increases to two-year high

12th January 2022 Arrears and Recoveries | #credit card spending

Black Friday and Christmas has helped card average spending to increase to a new over two-year high according to new analysis of UK card trends for November 2021 by FICO. With average spending and cash usage rising, the data was typical of previous festive seasons. However, a drop in the percentage of payments to balance…

Over half of consumers worry increased contactless limit could encourage overspending

21st December 2021 Arrears and Recoveries | #credit card spending #payments

More than half (55%) of consumers believe that the increased contactless limit could encourage people to spend more money this festive season. NerdWallet’s Consumer Borrowing Index, a nationally representative study of 5,000 UK adults, has revealed two in ten admitted to spending with less thought since the limit rose to £100 from £45 on 15…

Outstanding balances on credit card accounts contracted by 4.5%

20th December 2021 Consumer Lending | #credit card spending

UK Finance has published its latest Card Spending Update for September 2021 which showed that outstanding balances on credit card accounts have contracted by 4.5 per cent over the twelve months to September, as a result of repayments outstripping new borrowing in the year. The latest data indicated that there were 1.9 billion debit card…

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