23 July, 2008

Credit cards and debit cards are easy to carry and can be used anywhere and at anytime. If you feel risky to carry cash with you, credit and debit cards are the best solutions.

The demand of credit and debit card spending has increased to £91.5 billion. It has been reported that an increase of £4.9 million in the 3 months to last September is witnessed, as the growing number of borrowers are using their cards to pay the household expenses.

According to Chris Tapp, of the debt charity, Credit Action, the retail figures decreased over Christmas but the credit card debt is still increasing day by day as people are using their cards in large amount to pay off their expenses.

Mr. Tapp also added, this is bad news that people are using their cards to pay all their bills as they are indulging into debts and require immediate help to solve this problem.

Apacs, the body that represents lenders and credit card companies, reported that between October and December last year, around £32.4 billion was spent on credit cards. This was the second highest sum in the history. At the same time, £59 billion was spent through debit cards, the highest since their records began in 2000.

Apacs also added that numbers of cheques are reducing in popularity as decline of 9% was recorded to 1.6 billion in the year 2007. This was the fastest rate of decline recorded since the falling of usage of cheques came into existence in 1991.

Last year, an increasing amount of retailers stopped accepting the credit and debit cards with Tesco and Marks and Spencer about to phase them out.

This News provided by http://www.firstchoiceloan.co.uk/