APACS has reported December 2007 spending figures showing that spending on plastic over the Christmas period reached £32.2 billion, with £5.4 billion spent online. Up four per cent on the 2006 figures, the figure marks the slowest year on year increase over the same period for four years. The increase was due to the rise in spending on debit cards, which grew by 6.8 per cent to £20.9 billion – although this was less than half of the increase between 2005 and 2006 (15.3 per cent).
Credit card spending at Christmas fell for the second year running - £11.3 billion in December 2007 compared to £11.4 billion for the same period in 2006. There was a decrease of 2.8 per cent in the volume of credit card transactions, down from 197 million transactions for December 2006 to 192 million transactions in 2007.
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