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Credit card use falls
22 April 2008
Consumers are said to be increasingly paying for items in cash rather than opting to buy goods with their credit card, it has been claimed.
Tightening of lending criteria among credit card companies has meant that many applicants have been rejected and unable to obtain a card.
But it seems that even those who do have plastic are choosing to be more thrifty and use notes to purchase clothes and groceries.
According to the British Retail Consortium's (BRC) the number of consumers using cash rather than credit cards has increase by six per cent since last year.
The group's Cost of Collection survey found that 60 per cent of transactions are now paid for with folding notes.
"Total retail spending continues to grow," says BRC director general Stephen Robinson, "but the widening gap between the amount spent in cash and the amount spent using cards suggest that customers want to keep tight control of their finances."
