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10.1% increase in outstanding credit card balances
Outstanding balances on UK cardholders’ credit card accounts have grown by 10.1% totaling £59.7bn in the 12 months to October 2022, according to UK Finance’s latest card spending update.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
As for credit card transactions made by UK cardholders in October 2022, this came to 354.6 million – 11.3% more than during the same month the previous year, while the total spend of £19.2bn was 15% higher.
Additionally, 2.2 billion debit card transactions took place during the month, 12.4% more than in October 2021 with total spend of £66.6bn 9.1% higher.
Alongside this, 2.1 billion debit and credit card transactions were made in the UK in October 2022 – 4.8% more than in the same month in 2021 while the total spend of £74.2bn was 3.1% higher than during the same period the previous year.
Of this, contactless payments accounted for 61% of all credit card and 75% of all debit card transactions with 1.5 billion transactions of this type taking place in total. The value of these transactions, meanwhile, was worth £23.2bn.
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