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Back to credit cards due to crisis

07/10/2011 07:05
Households returned to the use of credit cards lately in order to cover their current needs amid the financial crisis.

Despite the general stagnation in consumption, the use of credit cards recorded an increase in 2011, according to new JCC data released on Thursday.

The value of credit card transactions by Cypriots in the domestic market in September surged 16% to €175 million.

In August, the increase stood at 9%.

The number of their transactions rose 12% to 2.4 million.

In the first nine months of 2011, the value of credit card transactions by Cypriots in Cyprus showed an increase of 11% to €1588.3 million.

Most cards are used in supermarkets (20.18%), other retail trade goods (11.29%), clothes (11%) and governmental services (9.79%).

The use of credit cards by Cypriots abroad has increased too, partly due to the purchases via internet.

They surged 9% to €115.2 million.

The number of transactions rose 12% to 767.8 thousand.

In the first nine months of 2011, the value of credit card transactions by Cypriots abroad recorded an increase of 10% to €949 million.

As for the non-Cypriots, the value of their credit card transactions in September rose 6% to €51 million.

For the period January – September 2011, the value of credit card transactions by non-Cypriots in Cyprus surged 11% to €369.6 million.