Debit card use up

| July 3, 2007 | 0 Comments
Debit card use up

According to the Association of Payment Clearing Services (Apacs) more UK residents are using debit cards to make purchases.

The use of cash and credit cards is also growing, but only slightly, and the popularity of checks continues to decline.

According to figures furnished by Apacs, debit card spending was up by 14 percent in 2006, to £195 billion, while the use of checks dropped by 12 percent to £164 billion.

Britons spent £274 billion in cash, while credit card spending was a bit higher to £126 billion.

Use of debit and credit cards combined, the report said, has risen to almost one-third of last year’s consumer spending, tripling in the past decade.

Apacs said that the rise in debit card use is in line with its expectations, and reflects how easy and convenient to use debit cards.

Over the next decade, Apacs expects that consumers will do 89 percent of their spending using plastic.

The report also said that the growing use of debit cards shows that consumers are being more responsible with their money by using debit rather than credit to make purchases.

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