Credit card spending fell by half in April

Credit card spending halved during the first full month of lockdown as shoppers turned their backs on big-ticket purchases such as white goods and holidays.

The total value of credit card transactions in April fell to £8.7billion, a 50 per cent fall compared with April 2019, figures from trade association UK Finance show.

The number of credit card transactions by UK cardholders recorded a sharp 45.9 per cent annual fall to 163million, the lowest level in more than nine years.

Eric Leenders, of UK Finance, said: “The crisis changed how, where and when people spend their money.”