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"More people using their plastic on High Street"

By Reno | April 17th, 2010 | Credit Cards

Despite the ongoing effects of the global credit crisis and the recent recession it appears that many consumers in the UK have forgotten their financial concerns and are hitting the High Street with a vengeance armed with their trusted flexible friends.

According to recently released figures there has been an increase in the number of people using their credit and debit cards on the High Street, as well as those using their plastic online. The return to hitting the virtual and the bricks and mortar shops indicates a boost in consumer confidence, which may stem from the end of the recession.

Officials from Barclaycard Global Payment Acceptance revealed that for the month of March there was an increase of 18 percent on credit and debit card purchases in the UK. The news will be welcomed by the retail industry, which suffered badly last year as shoppers reined in their spending to try and cope with the poor financial climate and the threat of job losses.

Officials believe that families are now under less strain with regards to finances, and that this has come as a result of improvements in the economy, the end of the recession, and a slightly more relaxed attitude from banks and financial institutions.

Credit card spending could increase further, as Brits gear up to get their holidays booked for the summer. Many have become aware over the past year that using a credit card to book a DIY holiday is the safest bet due to increased protection under the Consumer Credit Act, and therefore many are likely to ensure that they use their credit card when booking flights and accommodations separately.

However, the up and coming general election could counteract this increased activity, as concerns over the lack of clarity with regards to a clear leader between the three main parties seems to be causing a drop in consumer confidence, which could plunge in the event of a hung parliament.

Tags: debit card, Credit Cards, spending, finance

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