The increase in the amount being spent on credit cards is slowing, according to new research from UK Payments Administration.
Both the number of purchases and the total amount of money being transferred using credit cards were down in the second quarter of the year, the report showed, by 0.1 per cent and 1.0 per cent respectively.
Commenting on the findings, Moneyfacts.co.uk spokesperson Michelle Slade said that the recession has caused people to be more careful with their spending on credit cards as they attempt to reduce personal debts .
She continued: "There are lot of people out there who are taking 'words to the wise' and maybe trying to not put so much money on their credit card and that sort of thing ... Hopefully we have all learnt not to get so much into debt ."
Barclaycard recently announced that it is the first credit card provider in the UK to allow customers to use an online checking tool which indicates whether they will be eligible to take out plastic.
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Credit card spending growth slows
Mon, 21 Sep 2009
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