Limited growth for Christmas spending on plastic

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Limited growth for Christmas spending on plastic

Figures released today from Apacs, the UK payments association, show that Christmas spending on plastic was up four per cent from 2006, the lowest year-on-year increase for four years.

Spending on cards reached 32.2 billion during the festive period, with £5.4 billion of that spent online.

Credit card spending was down for the second year running as was the number of transactions taking place on credit cards, revealing a slower rate of growth

The increase in plastic spending was down to debit cards which grew by 6.8 per cent to £20.9 billion, although this was still lower than the figure for 2005 to 2006 debit card spending.

Sandra Quinn, director of communications at Apacs, said: "Despite talk of a slowdown once again we spent record amounts last Christmas but it appears that the rapid pace of growth in our festive spending is starting to slow."

She added that this means consumers are "thinking more carefully" about their debt and what they can afford to borrow.

The Banking Times has warned more credit card holders to expect notice that their card is to be cancelled after online bank Egg withdrew the credit cards of 161,000 of its customers recently.
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