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Credit card use 'subdued'
27 March 2008
A downturn in the economy has seen a fall in the number of people buying goods on their credit card.
Brits appear to be tightening their belts in the wake of the credit crunch as many are already struggling with mortgage repayments and rising utility bills.
Figures from the British Bankers Association show that credit card use was "subdued" in February, which could also be a follow on from the Christmas splurge.
"Despite the relative pick-up in February's reported retail sales, consumer credit and cards in particular, continued to be subdued," said BBA statistics director David Dooks.
The figures showed that annual growth in credit card borrowing fell to 5.8 per cent, with repayments outstripping new spending throughout the month.
Meanwhile, credit card company Visa has come under scrutiny by EU officials today who are investigating the fees it makes retailers pay when its customers buy items overseas.
Shop owners currently pay a charge of around 0.7 per cent on each international transaction made on a Visa credit card.
