Card spend to spike on 'mega Monday'

08/12/2008

More people will risk credit card debt by shopping online today than on any other day, new analysis has suggested.

According to a director of card firm Visa, internet Christmas shopping will peak on "mega Monday", as they buy up presents they failed to find on the high street over the weekend.

This forecast is borne out by Visa's previous record transaction days, which fell on Monday December 3rd last year and Monday December 4th in 2006.

The firm also revealed new monthly figures, showing that over the past four weeks total spending on debit cards have increased by seven per cent.

Recently, the government has cut VAT to 15 per cent, as it attempts to stimulate spending in order to head off the worst of the economic downturn.

However, debt campaigners have expressed concerns about Britons overextending themselves at Christmas.

Steve Perry, commercial director of Visa Europe, said: "We expect the rise of online consumer shopping to continue.

"Consumers are keen to place their online orders in time for Christmas, ensuring they are delivered on time."

Tags; Debt Management and Banking, Credit Card Lifestyle, Recent Graduate Debt,

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