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Customers paying with cash

25/03/2009

New figures from the British Retail Consortium (BRC) have shown that people are most dependent on cash when it comes to making purchases.

The BRC said that despite the impression created by some banks - that card payments are more popular - cash accounted for 56% of all transactions in 2008, and 33% of retail spending.

It added that cash transactions cost companies an average two pence per transaction, while each credit card transaction costs them 35 pence.

A spokesperson for Debt Advisers Direct noted that spending cash can be an effective way of keeping to a budget and staying out of debt.

"Spending with a debit or credit card can often feel like the buyer is not directly parting with their money, since the card goes back in their pocket after the transaction - and this can sometimes lead to overspending.

"Many people who use cash for purchases think more carefully about their spending, since they physically hand over cash. In that respect, cash can be very useful for people who are trying to avoid debt, or manage existing debts."

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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