This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-40998355
The article has changed 3 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Debit and credit card use accelerates | Debit and credit card use accelerates |
| (35 minutes later) | |
| UK consumers increasingly turned to plastic in the spring and early summer, with figures showing a rise in the use of credit, debit and charge cards. | UK consumers increasingly turned to plastic in the spring and early summer, with figures showing a rise in the use of credit, debit and charge cards. |
| The number of transactions grew by 12% in the year to the end of June, the highest annual rate since 2008, according to UK Finance. | The number of transactions grew by 12% in the year to the end of June, the highest annual rate since 2008, according to UK Finance. |
| The value of spending also rose, accelerating to 7.2%. | The value of spending also rose, accelerating to 7.2%. |
| Lenders face an upcoming deadline to prove to regulators that they are not lending recklessly. | Lenders face an upcoming deadline to prove to regulators that they are not lending recklessly. |
| The Bank of England has consistently expressed the need for vigilance over growth in the consumer credit market during "benign" economic conditions, at a time when household income has been relatively stagnant. | The Bank of England has consistently expressed the need for vigilance over growth in the consumer credit market during "benign" economic conditions, at a time when household income has been relatively stagnant. |
| Extending debt | Extending debt |
| The latest round-up of statistics show that 77 million more purchases were made on cards in the second quarter of the year than in the first three months of 2017. | The latest round-up of statistics show that 77 million more purchases were made on cards in the second quarter of the year than in the first three months of 2017. |
| An extra £110m was spent on cards in the second quarter, compared with the first quarter. | An extra £110m was spent on cards in the second quarter, compared with the first quarter. |
| Some of that can be explained by the rising cost of living, with the inflation rate having risen over the same period. | Some of that can be explained by the rising cost of living, with the inflation rate having risen over the same period. |
| On an annual basis, growth in the total value of debit card purchases in the year to the end of June was 7.2%, Low-value contactless payments have reduced the amount spent on each typical transaction, but card use has become much more frequent. | On an annual basis, growth in the total value of debit card purchases in the year to the end of June was 7.2%, Low-value contactless payments have reduced the amount spent on each typical transaction, but card use has become much more frequent. |
| The total value of credit and charge card purchases was up 6.9% annually by the end of June. | The total value of credit and charge card purchases was up 6.9% annually by the end of June. |
| There is continuing concern from debt charities about the levels of personal debt and whether this is creating repayment issues ahead. | There is continuing concern from debt charities about the levels of personal debt and whether this is creating repayment issues ahead. |
| In April, May and June, annual growth in net lending on credit cards - taking spending and repayments into account - was at or above 9%, the UK Finance figures show. | |
| The Bank of England's Prudential Regulation Authority (PRA) highlighted various concerns during a review of lending in personal loans, credit cards and car finance. It told lenders to prove by September that they had been acting responsibly. | The Bank of England's Prudential Regulation Authority (PRA) highlighted various concerns during a review of lending in personal loans, credit cards and car finance. It told lenders to prove by September that they had been acting responsibly. |
| One issue it raised was the length of 0% credit card balance transfer offers, which have increased sharply in the last five years. The length of these interest-free deals can extend to 43 months, or three-and-a-half years, with the average at nearly 30 months. | One issue it raised was the length of 0% credit card balance transfer offers, which have increased sharply in the last five years. The length of these interest-free deals can extend to 43 months, or three-and-a-half years, with the average at nearly 30 months. |