Britons are expected to spend almost double the amount on credit cards in 2007 than they did last year, according to a new report.
Analysts predict that consumers will put an average of £1,228 on their plastic in the first quarter of this year, in comparison to the typical credit card spend of £730 during the same period in 2006.
The forecast was made by Morgan Stanley after a survey revealed that people intend to buy everyday items using their credit cards, rather than just using plastic to fund luxury purchases.
Patrick Muir, marketing director at Morgan Stanley Credit Card, remarked: "The results of our research show an increased confidence in the use of credit cards as a financial aid.
"It is encouraging to see that people are using their credit cards sensibly."
The spokesperson added that credit cardholders in the UK are becoming "increasingly clever" as they make the most of loyalty schemes when buying goods.
Meanwhile, a recent study from Travelodge found that couples spend an average of £1,382 each year on gifts for each other.
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Credit card spend rising, study shows
Wed, 24 Jan 2007
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