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BBA: Credit card spending is sluggish

Consumer credit card lending is currently "subdued" in the UK, the latest statistical release from the British Bankers' Association (BBA) has shown.

Total new credit card spending stood at £7.3 billion for February - down £0.1 billion on the previous month.

It was also level with the previous six month average - which represents a significant slowdown when inflation is factored in.

Growth in purchase numbers was also sluggish, with the UK total rising from 104.1 million to 105.4 million over the month.

This could mean that, with the economy apparently slowing down and inflation on the up, Britons are reining in their spending in order to pay off credit card debt.

David Dooks, BBA statistics director, said: "Despite the relative pick-up in February's reported retail sales, consumer credit and cards in

particular, continued to be subdued."

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