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"Credit and debit card spending increases for September"

By admin | December 13th, 2008 | Cash Back & Rewards

Recently released figures have shown that both credit and debit card spending levels increased for the month of September this year, which has come as a surprise for many industry officials given the current difficult financial climate. The figures show that there was a 12.7 percent rise in spending on debit cards for the month compared to August, and a 9.4 percent increase on credit card spending compared to August.

The increased spending levels on plastic have been attributed to a number of factors. Some industry officials think that part of the increase in spending was down to the £60 rebate that millions of taxpayers received after the government changed its mind about the ten pence tax bracket. Others feel that the increased spending was down to holiday purchases made in late August and early September, as well as purchases made for the back to school period.

In total the value of spending on plastic cards in September of over 7% higher than the same period last year, which many have said is surprising considering that the financial climate has become so difficult over the past twelve months. Close to five hundred purchases were made on cards for the month of September. Many officials thought that spending levels would continue to slide as consumers tried to rein in their spending to cope with their financial situations, but the figures for September have proven them wrong.

In a separate study it has been shown that many consumers this Christmas do not plan to make any changes to their spending levels compared to last year, despite many having less money available, and some are planning to enjoy Christmas and worry about how to pay later, particularly those in the 16-24 age group. Around a quarter of consumers do plan to cut back on the amount that they spend at Christmas compared to last year.

Tags: debit card, credit card spending

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