The volume of credit card transactions in May was 6 per cent up on the same month last year, according to the latest figures from the British Bankers’ Association (BBA).

At £11.8 billion, value spend was broadly flat in May 2014 compared to May 2013, but the number of card purchases made by UK consumers rose to 204 million.

The new data revealed that borrowing amounts were growing by 5.4 per cent annually, although zero per cent interest rates and interest-free periods meant that over 40 per cent of all borrowing on cards incurred no interest.

Some 59 million credit cards were in issue in the UK, relating to 50 million accounts, of which 67 per cent were considered ‘active’ – i.e. with an outstanding balance.

BBA chief economist, Richard Woolhouse, said: “Our figures suggest that British consumers are showing an increasing willingness to take on credit as they become more confident about the recovery.

“What’s interesting is that while the value of card spending is similar to May last year, the number of card purchases are 6 per cent higher. Customers seem to be taking more control over how they spend, and borrowing more wisely by using interest-free offers to defer payments.”

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