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I don’t know about you, but it comes as no great surprise to me, but us Brits spent on our credit, debit cards a record (wait for it) £436.47 billion, yes that much (heard you all say too your self how much?), and if you are reading this in America, that is $788 62 billion, oh! And how about the European union, well in Euros, it amounts too €640.32 billion, it’s a wonder all over the country city centres, don’t have a big pile of melted plastic, lying in the high street.
When you think that this was an increase of 11% on the previous year, you wonder how long can this sort of spending flurry can go on and if there is anybody out there, who doesn’t own a credit card or a debit card or an expensive store card, saying that with the amount of spending, you would think that, every man and woman in the country had all three in their wallets and purses.
This has led to calls that the death of the traditional way of paying for our purchases, Cash! Most of the household expenditure last year was made using our plastic (60%), which has risen 16% in the last five years and 34% in the last decade a quite amazing change in the ways of payment in the UK.
It’s all down to consumer confidence rising, when it comes to using credit and debit cards and the way that they work and can be a lot easier and less bulky in the pocket than cash, with another advantage of being, if you lose a pocket full of cash, then the chances are you will never see that money again, were as if you lose your cards a simple phone call too the credit card issuer and they will cancel your cards and then send you out replacements, meaning you wont be out of pocket for your miss fortune.
And with all the drops in interest charges that the banks and credit card issuers are now offering to entice custom, you can only see that £436.47 billion record being broken next year.
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