Credit and debt news
Brits comfortable spending on credit
25 January, 2007
The first three months of this year are set to see a 68 per cent increase in credit card spending as Brits feel the post Christmas pinch
These shocking findings from Morgan Stanley show that the average person will put £1,228 on their plastic over the first quarter of the year – almost £500 more than this time last year.
In addition, the nation is becoming quite comfortable with the notion of spending on credit with 59 per cent of the expected expenditure going on groceries and filling up the car. However, savvy spenders are keeping very much on top of their debts and repayments are at their highest recorded levels since the late 90s.
Booking holidays for later in the year also makes up a fairly big chunk of Brit’s New Year spending as they get their diaries out and plan their 2007 breaks.
Men also shell out a third more than women, outspending them in 5 out of 6 areas and only coming in second when clothes shopping is concerned.
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