(Bloomberg) -- U.K. credit card spending rose an annual 7.5 percent in November, as consumers increasingly prefer to spend on plastic, according to UK Finance.
Consumers spent 11.3 billion pounds on credit cards last month, UK Finance, which represents more than 250 banking and finance firms, said in a report on Friday. Over the past twelve months, the outstanding level of borrowing grew by 5.3 percent. Gross mortgage lending across the residential market fell 2 percent from a year earlier to 23.1 billion pounds.
“The increase in spending, which is largely offset by cardholder repayments, reflects the growing use of credit cards as a preferred form of payment, particularly in travel, as consumers take advantage of stronger customer protection and value-added benefits,” Eric Leenders, managing director for personal finance, said.
To contact the reporter on this story: Anurag Kotoky in London at akotoky@bloomberg.net
To contact the editors responsible for this story: Fergal O'Brien at fobrien@bloomberg.net, Lucy Meakin, Stuart Biggs
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