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Credit card purchases on the rise

Purchases on credit cards were up slightly in the month of June compared to the previous month, according to figures published recently.

A study conducted by the British Bankers' Association (BBA) showed that 96.4m transactions were completed in June, up from the 91m recorded in May.

New spending went up to £5.9bn, up by £0.2bn from the previous month, while net credit card lending also went up by £0.1bn.

According to the BBA figures, total credit repayments stood at £6.1bn in June, leaving £32.2bn in net credit card lending outstanding. The month’s repayment figure is slightly higher than the £6bn level recorded in May, which is also the six month average.

A BBA statement said that the number of card purchases were also higher than the six month average. Repayment levels were steady, and were easily balancing out new spending, the statement continued. It concluded that the steady growth in credit card borrowing reflected accruing interests, rather than actual borrowing.

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