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"Credit card spending up as summer sales hit"

By Reno | August 17th, 2010 | General

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 stay out of debt.

However, recently released figures have shown that there has been an increase in credit card spending recently, as the summer sales have hit the High Streets and encouraged consumers to spend on their plastic. The great value for money that retailers have been offering to get sales figures up as created a summer surge in credit card spending.

According to the figures the level of credit card spending for the month of July saw an increase of nearly 10 percent as consumers rushed out to take advantage of the great bargains available in the summer sales. The exact figure recorded was 9.9 percent, and officials said that consumers appeared to be ignoring fears about a possible double dip recession as they gave their credit cards a good airing.

The 9.9 percent increase was a year on year increase that was fuelled by shoppers’ determination to get the best deal possible and get their hands on a range of bargains that were made available by retailers that wanted to try and get sales up. According to Barclaycard July marked the third month in a row where annual growth rate in sales was above the 9 percent mark.

Stuart Neal, an official from Barclaycard, said that there appeared to be a revival in consumer confidence levels, which could be great for retailers. He stated: “If consumer confidence is taking a hit, it’s not happening on the high street. If spending remains at this level compared to last year, 2010 could prove to be a very good year for retailers.”    

Tags: barclaycard, spending, Shopping, Credit Cards

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