UK: Credit Card Spending Declines
Rupert Jones reports for The Guardian on Visa UK data that shows a drop in credit card spending in the UK during 2005 as consumers appear to be shifting their purchase activity increasingly to debit cards.
Visa's UK arm yesterday said that the number of Visa-branded credit cards in the nation's wallets and purses had fallen by 3.2% to 42m. Total spending on credit cards fell by 3% to £85.2bn. The figures covered the 12 months to September 30.Its data confirmed that debit cards are Britain's favourite way to pay. Over the same 12-month period, the number of Visa debit cards jumped 21.3% to reach 47m, while total spending on these cards hit £187.6bn - a rise of 30.5%.
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