DIY Store Card Debt Increases
As more people choose to carry out home improvements instead of moving to a new home, it is no surprise that DIY store card debt is on the increase.
According to Apacs, the UK payments association, £1 billion was spent on DIY store cards during May 2008 alone. A total of £11.87 billion has been spent on plastic cards for DIY equipment between August 2007 and July 2008. This means that there are an average of 4.4 million debt transactions per week which took place at home improvement shops, each with an average spend of £51.87.
Sandra Quinn, director of communications at APACS, said: “Plastic cards are one of the most popular forms of payment in the UK and the last decade has seen a rapid rise in their popularity, with consumers enjoying the ease and convenience debit and credit cards bring.”