It's gonna be a plastic Christmas

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It's gonna be a plastic Christmas

With Christmas fast approaching, it appears it is that time of year when people decide to flash the plastic as the UK payments association, Apacs, estimates card and cheque spending will reach £31.8 billion during December.

The research undertaken predicts spending on debit cards will increase by 20 per cent during December on the same period last year, rising in excess of £20 billion.

Last December, £48.4 billion was spent within the month in total so the new estimate of a total spend of £51.6 billion in the UK highlights a rise of 6.6 per cent.

"Over recent months we have seen that cardholders are becoming more responsible in the way that they borrow, reining in their spending and focusing on repayments," said Sandra Quinn, director of communications at Apacs.

"It appears that this Christmas is no exception, with the majority of spending being done by debit rather than credit cards. Debit cards are increasingly replacing cash and cheques for our everyday purchases."

Ms Quinn added that she believed the widespread introduction of chip and pin to have been a catalyst for the rise in plastic spending as it offered more security for transactions.

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