Barclaycard research shows no sign of credit card debt consolidation

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Barclaycard research shows no sign of credit card debt consolidation

Fri 17th Sep 2010

People spent a significant amount more on their credit and debit cards in August than they did in the same month in 2009, according to Barcalycard, which has taken this as a positive indicator.

Commenting on the figures, which showed a 9.2 per cent year-on-year increase for transactions in-store and online, head of the firm's UK payment acceptance division Stuart Neal highlighted how it is good news to see a fourth month in a row of growth.

He said: "Confidence remains relatively high, but it will be important to see how spending fares when public spending cutbacks begin to hit people's pockets."

In his opinion, current indicators are positive, although he accepts there is good reason to look at the future with some "trepidation".

Last month, Barclaycard revealed the year-on-year increase in spending in July stood at 9.9 per cent, with Mr Neal pointing out at the time that low consumer confidence is not being reflected on the high street.

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