Average spending on credit cards increased in June and July

New analysis of card trends during June and July has shown the first signs of payment deterioration with an increase in credit card spending following the lockdown.

The analysis provided by FICO has indicated that after the dramatic fall in average spending on credit cards for January to May 2020 (down 27 percent year on year), spending in June started to increase, up 13 percent on May and by a further 11 percent in July to £598. For the period January-June 2020, spending on cards dropped 8 percent year on year.

Source: Credit Connect
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