Monday, 21 August 2017

Debit and credit card use accelerates, according to UK Finance

UK consumers increasingly turned to plastic in the spring and early summer, with figures showing a rise in the use of credit, debit and charge cards.

The number of transactions grew by 12% in the year to the end of June, the highest annual rate since 2008, according to UK Finance.

The value of spending also rose, accelerating to 7.2%.

Lenders face an upcoming deadline to prove to regulators that they are not lending recklessly.

The Bank of England has consistently expressed the need for vigilance over growth in the consumer credit market during "benign" economic conditions, at a time when household income has been relatively stagnant.

BBC     News.

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