Back to top

Credit card spending in December was 8.8% higher than the same month in the previous year

Jonathan Reynolds MP, Labour’s Shadow Economic Secretary to the Treasury, commenting on the latest Household Finance Update by UK Finance, said “This latest Household Finance update shows that credit card spending in December was 8.8% higher than the same month in the previous year. Personal borrowing through loans and overdrafts has also increased by 3.4%.

“This is yet more alarming evidence of the Tories’ low wage economy with people heavily reliant on debt just to get by.

“Labour will cap interest on consumer credit, introduce a £10 per hour real living wage, and scrap university tuition fees to take real action to avert this debt crisis.”