Record £11bn card splurge

CREDIT card spending has hit a record high amid fears that households are living beyond their means.

Shoppers spent £11.1billion on plastic in July, the highest monthly figure recorded by the industry body UK Finance.

Its report showed Britons now owe £44.1billion on credit cards with the major banks, up 5.3 per cent on last year.

The figures also show we are saving less, with growth in savings slowing to a record low of 1.2 per cent last month.

James Daley, of the campaign group Fairer Finance, said: ‘There are households carrying too much debt and cannot afford to repay it. It is a concern.’