August 20, 2008
Increase in UK credit activity
British payments association, Apacs, has said that the UK’s credit balance has risen by £1.8 billion in the year ending June 2008. This represents an increase of 7.8%.
Apacs figures also show that Britons had spent nearly £93 million by the second quarter of 2008, an increase of 7.5%.
The organisation also released data that showed that over the previous seven years there was a 500% increase on the number of consumers who were using online banking facilities.
However, Apacs warned that consumers would need to be more security conscious when using the internet to conduct financial transactions. There has been a significant rise in the amount of criminal activity associated with the online and offline use of credit cards.