iSmart Solutions

iSmart Solutions

February 21, 2013 15:54 ET

Brits Still Rely on Their Plastic Pals for Spending Needs

LONDON, UNITED KINGDOM--(Marketwire - Feb. 21, 2013) - With the 2013 MasterCard Brit Awards now upon us, new research suggests that Brits are becoming increasingly attached to their credit cards as the spending figures illustrate just how much we use them in the modern day. Spending on UK credit cards increased by 10% in December 2012 compared to December 2011.

Average sales per credit card reached a two-year high of £600.25 in December last year. The research, provided by analytics provider FICO, appears to indicate that Brits are relying on credit cards more with each passing year.

Of course, any research which is focused on the month of December must always come with the caveat of Christmas. It is the one month of the year when sales for retailers everywhere experience a very clear spike and this must always be considered when looking at such research.

However, the fact that the research was a direct comparison between December 2011 and December 2012 lends it greater credibility.

It will certainly be interesting to see what the future holds for the trend of credit card spending when the same comparison is inevitably made in December 2013. Will the existing economic conditions have an impact on how much we use our credit cards this year? Will cash be the king in 2013?

PPI pitfalls

Relying on credit cards too much for all your spending needs is not something that lenders will look favourably on if they are considering you for a loan. If you have applied for a loan within the last decade then there is a strong chance that you have come across PPI in some form.

Payment Protection Insurance was mis-sold to a number of people as part of numerous loan packages and, in many cases, people were not eligible to receive it at all. If you feel as though this scenario may apply to you then it may be worth contacting a claims specialist to determine whether or not you have a case for compensation.

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