May 8, 2006

By Julie Ann Amos

The UK’s fast-paced, happening credit card industry continued its whirlwind journey of path-breaking policy decisions, trend-setting usage patterns, spiralling fraud rates and ironical consumer habits.

The month of April saw a series of research reports and startling revelations giving an informative insight into the on-goings in the credit card industry. 

The UK credit card usage statistics have thrown up some interesting trends. Moving from luxurious goods and extravagant services, the Britons are now using their plastic money for the more routine stuff. From groceries, to petrol and household bills, they are comfortable using their for all types of purchases, utilising the cash back and balance transfer schemes to the best.

The holiday season meanwhile, is all set to witness a massive spending spree, with the Britons using their to spend an average of £1,225 on holidays and home improvement over the next three months. A Morgan Stanley Research revealed that people are planning to spend the largest single amount on their homes and cars at an average of £363 and holidays at an average cost of £331.

Carrying on its tirade of research and awareness, the Office of Fair Trading (OFT), recently conducted a fact-finding study of the online shopping trends. According to the study, internet sales in the UK rose by a massive 350% as against only 20% for all retail sales.

As another myth bursting finding, a research by Alliance & Leicester banished the popular belief that it’s the youngsters who are addicted to. The research revealed that the youngsters have only a meagre amount of £1073 (average) outstanding on their that is just 5% of their household incomes.

Wonder money as it might be, but and its usage patterns are sure becoming a breeding ground for fraudsters at an alarming rate.

Continue to Part 2

The Month That Was April 2006 Part 1
The Month That Was April 2006 Part 2
The Month That Was April 2006 Part 3