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Shoppers controlling their credit cards
27 October 2008
Spending on credit cards is reported to fall this year as consumers use their debit cards to keep their dept down. The value of transactions carried out on credit cards is predicted to drop by 1.1% during 2008 to £120billion.
Debit card spending will rise by 14% to £438billion according to market analyst Datamonitor. The change is being driven by people spending less on expensive items that credit cards are generally used for as well as a reluctance to fall into debt.
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