Money News
Overall credit card spending is set to double from £645 to £1,225 over the next three months with spending on the home and car likely to fuel this increase, according to the latest figures from the Morgan Stanley Card Index.
Following a belt-tightening first quarter of the year, credit card holders are preparing to splash out for the DIY season. House proud Britons estimate they will spend an average of £363 on the home and car, more than double their intended spend during the first three months of the year (£152).
Patrick Muir, marketing director, the Morgan Stanley Credit Card, said, "After the lull in spending in the New Year, we are now seeing a rise in spending on DIY and holidays as we hit the Bank Holiday season."
The Index found that men are widening the gap on credit card spending by planning to spend a total of £1,355 on their plastic over the next three months, compared to womens £1,097.
Jet setting over fifties plan to spend the most of all age groups over the next three months (£1,401) with almost a third of their expenses (£435) being allocated to pay for some summer sun. The over fifties also plan to spend the most of any age group on the home (£411) and groceries (£355).
The Morgan Stanley Card Index, a study that reviews look at predictions on card spending, asked a GB representative sample of 2,000 adults how much they intend to spend on a variety of items over the next three months.
The survey found that people from the Midlands and Wales will spend the most of any region on their homes and cars this spring (£438), a third of their total credit card expenditure.
26 April 2006 © Moneyextra.com
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