Credit Card Spend Set To Soar

Spending on credit cards is set to almost double over the summer months, according to a new survey.

The Morgan Stanley Card Index, which predicts card spending, revealed British cardholders are planning to increase spending on plastic from £645 to £1,225 over the next few months.

Consumers are expected to spend the most on their homes and car (£363), more than double the amount spent earlier in the year.

After DIY, holiday will account for the highest area of expenditure on credit at £331 and grocery shopping is set to increase from £177 to £315.

And surprisingly, men are expected to outspend women by 19 per cent – putting £1,355 on plastic compared with women's £1,097.

Patrick Muir, marketing director, the Morgan Stanley Credit Card, said: "Britons are increasingly using their credit cards to pay for everyday items, including groceries, petrol and bills.

"One reason for this is that monthly statements help people keep track of exactly where their money is going. These results show that across the board, people are comfortable using their credit cards for all types of purchases, often making the most of cashback schemes and being rewarded for the things that they buy anyway."