Credit Card Spending Continues to Rise, According to UK Finance

Sam Welch, director of banking at TransUnion in the UK, comments on the recent UK Finance card spending update: 

“The latest card spending figures from UK Finance show the continuing impact of the ongoing cost of living crisis, with credit card spend for November 2022 up 5.3% compared with the previous year (at £19.6 billion), whilst outstanding balances on credit card accounts were up by 9.4% for the same period.

“Access to credit is increasingly important to consumers as they combat rising living costs, and nearly half (49%) are planning on taking out a new credit card in the coming year, according to TransUnion’s Consumer Pulse study.

“With these figures coming against the backdrop of the challenging economic climate, finance providers must ensure they’re using robust affordability assessments and advanced credit data to make informed lending decisions.”