Credit card spending set to reach new high

The amount of money spent by Irish people using their credit cards is set to jump to a new high of €7.6bn, according to new figures from the main banks.

Estimates from the Irish Bankers' Federation (IBF) indicate that the value of credit card transactions will rise to €7.6bn by the end of this year from €6.9bn at the end of 2002.

The latest figures could add to concerns that some consumers are over-extending themselves.

However, the IBF said the amount spent per transaction had remained relatively stationary over recent years.