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The Post Office has found that one-in-four credit card holders have begun the new year dependent on plastic.
A massive 41% of consumers will to rely on their credit card this January to cover living costs, with half of credit card holders intending to use their cards in the January sales. A further 28% of card holders said they planned to make big purchases such as holidays with their cards over the course of this month.
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A surge in retail spending may have provided some relief from the impact of the credit crunch, but new figures show shoppers are increasingly putting their purchases on plastic – and are failing to pay off their balances.
Sales on the high street increased by 3.5% during May, according to the Office for National Statistics, the strongest monthly growth since January 1986. However, the amount of new spending on credit cards increased by £0.5 billion to £7.5 billion, up on the previous six-month average of £7.4 billion.
In addition, credit card repayments levels were lower than expected having fallen from a monthly average of £7.6 billion since the start of 2008 to £7.5 billion. (more…)
In order to keep an eye on the financial news on the other side of the Atlantic, I often read the CNN Money website, home of Fortune magazine. This week, this story about a crackdown on credit cards caught my eye.
Card interest rates remain stubbornly high
The US Federal Reserve (‘the Fed’) has slashed its key interest rate this year. In fact, a further cut yesterday took it to between 0.2% and 0% for the first time in history. However, despite a series of deep rate cuts, borrowing on plastic is still relatively expensive in the US. (It’s the same story on this side of the Big Pond, where the Bank of England’s base rate is 2% a year, yet most credit cards charge more than 17% APR on purchases.)
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