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Alarming increase in plastic money use |
| Written by Lilly lydia | |
| Saturday, 01 March 2008 | |
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The trend of using debit card and credit card for paying household expenses is rising and this may give rise to bad debt situations.<br><br> London (shakespearefinance) March 1, 2008: The frequent use of plastic money for paying daily bills is increasing day by day. This is not a good sign of a healthy economy. People may incur bad debt in the long run. According to a report, credit and debit card spending increased to £91.5 billion, an increase of £4.9 million in the 3 months to last September. It is reported that a growing number of borrowers used their cards to pay household expenses. Chris Tapp, of the debt charity, Credit Action, said retail figures were down over Christmas but credit card debt is still on the increase indicating that people are shifting spending on to credit cards as household expenses rise. Mr. Tapp added that this is bad news, people using their credit cards to meet their monthly bills is the first sign of a spiral of debt trouble. Those doing this should seek help immediately, added Mr. Tapp. Apacs, the body that represents lenders and credit card companies, said between October and December last year, £32.4 billion was spent on credit cards. This is the second highest sum in the history. Over the same period, £59 billion was spent through debit cards. Apacs added that cheques are declining in popularity with the number of cheques used in 2007 falling by 9% to 1.6 billion. This was the fastest rate of decline recorded since use of cheques started falling in 1991. Last year, an increasing amount of retailers stopped accepting them with Tesco and Marks and Spencer about to phase them out. This is really an alarming situation and people should lower this habit for avoiding a bad credit situation. For additional information on the news that is the subject of this release (or for a sample, copy or demo), contact Webmaster or visit http://www.shakespearefinance.co.uk/ |
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