UK Credit Card Spending Increases by 10%
According to the latest research carried out by Barclaycard, credit as well as debit card spending skyrocketed in August 2010 by 10% compared to the same period last year. Bank's experts are determined that the new statistics shows that UK customers are not seriously affected by increased taxes and decreased public spending.
The possible reason for such a significant rise in credit card spending are the end of season sales and back to school shopping, coupled with higher prices.
Commenting on the results of Barclaycard research, Mr. Neal says that the lender is pleased to see increased credit and debit card spending for the 4 month in a row despite the Government's initiatives. He added that confidence of UK consumers still remains at high levels. The profits of retailers also increased as credit and debit card usage improved.
The research of Barclaycard was based on the data gathered from 85,000 UK retailers, which represent approximately 30% of the country’s credit and debit card market.
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