Bank chief predicts fall in credit card spending
Bank chief predicts fall in credit card spending
Wednesday 10th December 2008
In comments that may offer encouragement to people concerned by credit card debt, Antony Jenkins told Reuters yesterday (December 9th) that levels of spending on plastic should fall in 2009.
Barclaycard, which provides credit card services to almost 12 million people, has seen spending levels dip by about four per cent this year as the worsening economic continues to exacerbate personal debt problems.
Mr Jenkins commented: "We'd expect it to be higher than that next year as people become more cautious and what's driving that is a lack of confidence."
"Our expectation is people will spend quite a lot less on their credit cards next year."
Cardholders in the UK now face average interest rates of 17.7 per cent, with the cost of borrowing rising in recent months despite several interest rate cuts from the Bank of England.
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