The flexibility offered by products like credit cards is attracting consumers to them, according to one expert.
Finance and Leasing Association (FLA) figures have revealed that the final month of last year saw the organisation's members provide £3,059 million-worth of credit card lending to people.
Fiona Hoyle, head of consumer finance at the body, believes that credit card spending ahead of last year's festive period may have had a positive impact on High Street stores, while things like store instalment cards might also have helped.
She commented: "Customers are using these products because they are flexible and allow consumers to spread payments for essential goods and keep them at levels that are within their budgets."
While some people may have racked up credit card debt before Christmas, the FLA believes that there was a 15 per cent yearly fall in the credit its members offered to consumers over the course of last year.
Many people with debts are aiming to lower their level of borrowing this year, Moneybasics.co.uk and GE Money Home Lending figures recently highlighted.
Posted by Martin Peacock.
