Although British people are continuing to spend more on cards, the proportion being added to debt through credit cards has dropped. A new report by the Payments Council shows the way people pay their debts and spend money is changing quickly. It found that credit card usage has fallen since 2005. Most of us now use debit cards to make payments – a good idea for people with financial problems, that could help many avoid getting into the sort of debt spiral that can require debt management measures like individual voluntary arrangements (IVAs) or even bankruptcy. Their research also found that fewer people are using cash. The Payments Council predicts that only half of all transactions by 2015 will be made using coins and notes.
Brits choose debit cards over debt
April 15, 2010 By
