Credit card spending increases

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Credit card spending increases

Credit card spending is rising as consumers attempt to pay off other debts by using plastic, it has been reported.

According to the Financial Times, there was a month-on-month increase of £131 million in credit card loans in total in August.

This "plugged the gap" that was created by the £132 million drop in money lent in new unsecured personal loans in the same time frame.

Analysts warned about high interest rates consumers will suffer as they increasingly use credit cards for cash withdrawals.

In a recent credit card survey by consumer group Which?, John Lewis/Waitrose were found to score the highest for customer satisfaction.

It received a rating of 90 per cent and was praised for the clarity and accuracy of its statements, customer service and offers and discounts.

Many well-known credit card providers gained poor scores with Abbey receiving 52 per cent and Lloyds TSB rated at 60 per cent.

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