Related Credit Card Article

"Credit card applications soared in November"

By admin | January 19th, 2009 | Credit Cards

According to recently released figures there was a surge in credit card applications for the month of November, as consumers rushed to try and get their hands on a credit card in time for their Christmas spending.

With many having been strapped for cash over recent months a large number of consumers who had not managed to save any money towards their Christmas spending decided to apply for a credit card to fund their purchases, driving up the level of applications in the run up to the festive season.

Figures showed that for the month of November there was an increase of around 22% in the number of credit card applications compared to the previous month. This also reflected an increase in applications of around 15% compared to the same period the previous year, according to officials involved in the report. With many retailers having started sales early in order to boost Christmas spending many decided to take out a credit card in the hope of picking up bargains in the run up to Christmas.

One industry official stated: ‘The spending habit hasn’t died yet and the price cutting frenzy on the High Street shows that there are plenty of bargains out there.’

However, industry officials also said that around 4% of borrowers increased their borrowing by around 20% in the run up to Christmas, sparking concern that many may have accrued debt levels that they would not be able to manage through their Christmas credit card spending.

The industry official added: ‘Christmas tends not to be a time for sensible financial planning and the UK economy has been detached from reality for quite a while now.’

Tags: credit card applications

Related Articles:

• Strong spending on credit cards over Christmas period

  Whilst many people may have thought that spending on Christmas and January sales goods would be down this year as a result of the recession and the difficult financial climate that the nation has been through in the past year retailers have reported that spending on credit cards this Christmas and New Year was in...

• Credit and debit card spending increases for September

  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...

• Credit card spending up as summer sales hit

  With the effects of the global financial crisis and the recession still having a profound impact on the finances of many people the level of spending on credit cards has taken a real hit, with many consumers reluctant to spend on their credit cards because of their financial situations and the desperation to try and...

• Many credit card holders await post with bated breath

  According to a recent report many consumers with credit cards are now awaiting their New Year’s post with bated breath, dreading the moment when their credit card statement falls through the letterbox. Many consumers have overdone it when it came to spending over the recent festive season, and always millions of credit cards took a real...

• Are you still paying off Christmas debt from last year?

  At this time of year, with Christmas, New Year, and January sales just around the corner, millions of people are getting set to spend a fortune, and inevitably this means that many people will end up with high levels of debt once the festive season has come to an end. For some people this is...

Other Recent Articles

Use of credit cards declines whilst payday loans increase

It seems that many consumers may have switching from spending on credit card that can sometimes come with high rates...

By Reno | February 10, 2012 | Read More

Useful Tips for Credit Card Holders

Modern technology offers comfort and convenience that is often helpful for people in a fast paced everyday living. With just...

By admin | February 7, 2012 | Read More

Credit card decision by Lloyds could have serious effect on charities

For many years now, a range of leading and well known charities have been able to boost the levels of...

By Reno | January 28, 2012 | Read More

Many have to rely on credit cards to make ends meet

There was a time when people had credit cards to enable them to pay for occasional larger, more expensive items...

By Reno | January 26, 2012 | Read More

Brits increasingly dissatisfied with credit card providers

According to recent reports, Brits are becoming increasingly dissatisfied with their credit card providers, particularly in the case of the...

By Reno | January 20, 2012 | Read More