Most Black Friday shoppers will use credit cards or buy no pay later schemes

TSB has said that more than half of shoppers on Black Friday will be reliant on their credit cards.

TSB surveyed two fifths of shoppers who will be making purchases on Black Friday and found that 56% will use some form of credit including buy now pay later (BNPL) or credit cards, whilst 21% will borrow money from family or friends.

The BNPL schemes was 77% higher on Black Friday than what was spent in 2022 using this payment method the bank said.

More than 3 million debit card transactions were made which was higher than what was spent last year, which was the strongest Black Friday for debit card spending than in 2022.

Carys Barnes, head of personal current accounts at TSB, said: “We know it can be tempting to splurge the cash on Black Friday weekend, particularly as you’re bombarded with emails, texts and ads with discounts popping up on most platforms.

“Before you spend, it might be worth taking the time to assess your finances first to make sure you can afford to pay for whatever catches your eye.”