Shoppers rely on cash instead of using credit cards

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Shoppers rely on cash instead of using credit cards

The use of cash, mainly in the form of Debit Cards, now accounts for toe-thirds of spending in shops. This is from the latest figures from APACS, the payments industry body, and shows that shoppers are spending less on credit during the recession. Debit Card spending increased by 6.8pc during 2008 from £108.7 billion to £116.1 billion whilst at the same time spending on credit cards dropped slightly from £60.7 billion to £61.1 billion. The use of cheques dropped 4.1pc.
This is not surprising as the Credit Card companies are their cards terms and conditions making it harder for people to pay back their debts as they squeeze additional cash from borrowers. This includes increasing the interest rates, and other charges, and reducing the number of days to pay or reducing the number of interest-free days to pay back the debt.

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