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Credit card PPI news: Spending on plastic 'in decline'

Britons who may have filed a credit card payment protection insurance (PPI) claim in the past have started to cut the amount of money they spend on goods.

According to a new study released today (January 11th) by Santander, credit card spending has fallen by four per cent in the past 12 months.

This is despite the fact that the use of credit cards actually increased by one per cent during the same period, which suggests that the average value of each transaction has declined.

The research also indicated that spending on toys and sports equipment took the biggest hit, with a 24 per cent reduction being recorded in the past year.

Managing director at Santander Cards Callum Gibson said the figures are unsurprising, as many people are struggling financially.

"During times of austerity, you'd expect cut-backs to hit non-essential items like holidays and clothes, and our customer data supports this," he commented.

Moneysupermarket.com recently discovered that more banks are offering attractive periods of low interest in order to encourage more people to take out a credit card.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers. ADNFCR-2776-ID-801261444-ADNFCR



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