Billions to be spent on credit cards this summer

British shoppers are set to spend billions of pounds collectively this summer, with industry officials predicting that despite the economic gloom sales figures this summer will not be much lower than last year before the onset of the global credit crunch.

The prediction comes from officials at Sainsbury’s Credit Cards, with officials predicting that shoppers will spend close to £8 billion altogether this summer. This comes despite the fact that many consumers are thought to be tightening their belts due to rising living costs and the soaring cost of credit.

Officials from Sainsbury’s have said that those intending to use a credit card for their spending should make sure that they get the right card for their needs, stating: “If you are going to use a credit card in the summer sales, it pays to use one that gives you attractive rewards that are not only easy to collect but also redeem so that you really are earning whilst you spend and getting a little back.”

Over twenty five million of us are set to spend just over £300 each on average over the summer, and around 3% of adults will spend over £800 each on average. Around half of the money spent is likely to be put on credit cards.