Debit cards 'more popular than credit cards'
28/07/2006
There is "a continued trend to pay more frequently by debit card", according to the director of communication at card association Apacs.
Sandra Quinn believes that this is because the nation is now "keeping tighter control" of its finances.
Research from Apacs suggests that UK consumers spent over £25 billion each month on their cards during the first half of the year.
A record of £151 billion was spent in total during this period, with 70 per cent of these purchases funded by debit cards.
Ms Quinn indicates that "recent Bank of England figures show that we are continuing to payback a higher proportion of our credit card bills than we have historically".
"We expect this trend to continue, with debit cards being used more and more extensively for lower-value payments that are currently made by cash," she adds.
"Credit card spending did account for a total of over £10 billion of June's plastic card purchases – we do welcome the convenience and security they bring and continue to use them for bigger items and when buying online or overseas."
Earlier this week, the Halifax indicated that more people have been using their cards to fund purchases of food and drink, as well as garden equipment, in preparation for barbeques and parties.
Sandra Quinn believes that this is because the nation is now "keeping tighter control" of its finances.
Research from Apacs suggests that UK consumers spent over £25 billion each month on their cards during the first half of the year.
A record of £151 billion was spent in total during this period, with 70 per cent of these purchases funded by debit cards.
Ms Quinn indicates that "recent Bank of England figures show that we are continuing to payback a higher proportion of our credit card bills than we have historically".
"We expect this trend to continue, with debit cards being used more and more extensively for lower-value payments that are currently made by cash," she adds.
"Credit card spending did account for a total of over £10 billion of June's plastic card purchases – we do welcome the convenience and security they bring and continue to use them for bigger items and when buying online or overseas."
Earlier this week, the Halifax indicated that more people have been using their cards to fund purchases of food and drink, as well as garden equipment, in preparation for barbeques and parties.
