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"Brits like to splash the cash on credit cards"

By admin | May 16th, 2008 | Cash Back & Rewards

According to a recent report the majority of Brits like to do their spending on plastic rather than using cash. Research carried out by a financial firm showed that Brits were increasingly reliant upon plastic, much preferring to use their credit and debit cards than have to use cash when they make purchases. Most people prefer using plastic cards to make payment because of the ease, convenience, and increased security that comes with not having to carry cash around.

The use of plastic cards has become increasingly popular over the years, and many consumers use these cards for all sorts of purposes, whether spending whilst abroad or whether paying for everyday items such as shopping or petrol. According to the figures from the research around 37% of consumers use their debit cards when making purchases, 32% use their credit cards, and only 29% use cash.

However, industry officials have expressed concern over the figures, stating that whilst plastic cards undoubtedly provided increased ease and convenience to cardholders there was also a danger that consumers would lose track of their spending because they couldn’t physically see the money that they were spending. Officials said that this increases the risk of overspending and ending up in debt.

The research also showed that around one third of us carry only ten pounds or less in cash, and half of us only withdraw cash once a week or less. The data showed that men tend to carry around more cash than women, and older people tend to prefer withdrawing cash from an actual cashier rather than from the cash machine.

Tags: Cash Back & Rewards, credit card rewards, Credit Cards

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