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Consumers across the UK are increasingly spending cash rather than relying on credit and debit cards, a new study has revealed.
As the amount of consumers entering debt management schemes increases, a study of 17,000 shops by the British Retail Consortium (BRC) found that cash was used for 60 per cent of transactions in 2007, up from 54 per cent in the previous year.
The report put the change in behaviour down to the growing unease in the financial markets, with people attempting to avoid debt problems and not spend money that they do not have.
BRC director general Stephen Robertson told the BBC: "Hard-up customers are increasingly reluctant to spend money they haven`t actually got in their hands."
According to figures by Credit Action, the average UK adult owed £4,774 in credit card bills, overdrafts and personal loans at the end of February, while total personal debt stood at £1.4 trillion.
