22 September 2008
As homeowners shelve plans to move house and look to improve their existing properties instead, many are using credit cards to fund their DIY projects. Figures released by the UK payments association Apacs reveal that over the last year, £11.9 billion has been spent on plastic cards in DIY stores. May proved to be a popular month for home improvements, with £1 billion worth of debit and credit cards transactions carried out over the month. Credit cards constituted £5.3 billion of the £11.87 billion spent on plastic between August 2007 and July 2008, while the average credit card spend per transaction was £69.36. Sandra Quinn, Director of Communications at Apacs, said: "Plastic cards are one of the most popular forms of payment in the UK and the last decade has seen a rapid rise in their popularity, with consumers enjoying the ease and convenience debit and credit cards bring." It is not just DIY projects that are being funded by credit cards. Research by the debt solutions provider PayPlan revealed that half of those who have called for advice on debt management have used a credit card to pay their mortgage or their gas and electricity bill.
© 2008 Adfero Ltd
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