Credit card spending increases

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Credit card spending increases

Tue 19th Aug 2008

Outstanding credit balance have increased by £1.8 billion in the 12 months to the end of June, new data shows.

Statistics from Apacs, the UK payments association, showed how total outstanding credit card amounts have increased.

They also demonstrated that British spending on credit and debit cards reached £92.6 billion in the second quarter of 2008.

It is a 7.5 per cent increase on the same period last year.

Purchases on plastic increased by 7.8 per cent year on year between April and June 2008 to 1.8 billion.

Other figures released by Apacs last month found that the number of people banking online had increased by more than 500 per cent in seven years.

More than half of internet users were found to bank over the internet.

Phishing scams, in which fraudsters attempt to obtain sensitive data, continued to rise, causing Apacs to issue a guide to secure online banking.

At the time, Sandra Quinn of Apacs said that more than 21 million people were banking online.

She urged caution with security but said it was an "easy, convenient and safe" method of banking.

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