New research has shown that the number of UK consumers making purchases on their credit cards has risen, those facing financial problems and considering an individual voluntary arrangement (IVA) may be interested to hear.
This August there were 173 million credit card transactions, an increase on the 158 million recorded in August 2009, according to the British Banking Association’s figures, Confused.com has reported.
In July of this year, the figure was only 169 million, those looking into IVAs were told.
In contrast, overall balances have decreased year-on-year – in August 2009 the figure was £64.1 billion but fell in August 2010 to £60.7 billion.
Recently, Chris Griffiths, who works for Confused.com, said: “Customers who use their credit card as a means of spending should seriously consider the additional benefits offered by a rewards credit card.”