18 June 2009
Credit card spending is still alive and well when it comes to splashing out on entertainment, according to new research.
Virgin Money Credit Cards revealed spending increased 25% during the first quarter of the year, with spending boosted further in late Easter.
"Analysis of our customers' spending shows that they are more willing to spend on entertainment and leisure which is a sign of a return of confidence," stated Grant Bather, spokesman at Virgin Money.
He added that in previous times of economic difficulties, people have cut back on non-essential spending, although these new figures show £20 million was spent in bars, cinemas and restaurants during the first three months of the year.
According to the latest quarterly statistical release from APACS, the UK Payments Association, on credit cards in the first quarter of this year fell by 3% compared to the same period of 2008.