According to Reuters, for the first time in four years Irish consumer credit card spending is up. Although this is certainly a good sign, consumer spending continues to shrink given the high unemployment rates.
Figures from the Irish Central Bank reveal that there are 10 percent fewer credit cards in issue compared to three years ago, and although outstanding debt on these cards remains high, personal credit card spent increased 5 percent to 790 million euros last month.
Dan McLaughin, chief economist at Bank of Ireland told Reuters:: “This first annual increase in four years adds to other evidence pointing to a possible pick-up in overall household spending. Sentiment is fragile, however, and could still be hit by unfavorable developments in the euro zone.”
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