Card spending hits pounds 10bn

Christmas shoppers splashed out more than pounds 10bn on their plastic cards last month - the highest total ever. However, the rate of growth on credit and debit card spending slowed in December to 13 per cent, its lowest level more than a year, according to the Credit Card Research Group. Earlier in 1997, monthly card spending was growing at an annual rate of as much as 25 per cent.

The CCRG blamed the slowdown in growth on the impact of higher interest rates and on the large number of retailers who now accepted credit and debit cards.