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Consumers opt for debit cards and avoid credit card debt

23/02/2009

Payments association APACS has said that there was a marked rise in the number of people making payments with debit cards in 2008.

According to the association, debit card spending rose from £224bn in 2007 to £245bn in 2008 – a 9% increase. By comparison, credit card spending rose from £124bn in 2007 to £126bn in 2008 – a rise of only 1.6%.

The figures may suggest that consumers have become less reliant on credit as they look to avoid debt in the midst of an economic downturn.

A spokesperson for Debt Advisers Direct said: "Used properly, credit cards can be a very useful and effective way of making purchases, especially if something unexpected comes up.

"But for anyone looking to avoid or reduce debts, it can be a good idea to rely on debit cards."

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according