Credit cards 'are bring used for regular purchases'
Published On 31 March 2008
People in the UK are increasingly switching from carrying cash to using a credit card for regular purchases, a new study has shown.Figures released by Fool.co.uk showed that 32 per cent of consumers use their credit cards regularly for everyday spending. In contrast, only 29 per cent regularly carry cash to cover all their spending.
In fact, the average person in the country only carries £33 in cash at any time and 33 per cent of Brits generally have less than £10 in cash on them.
One in ten people said they used their credit card for regular spending as it allows them to accurately track their outgoings.
"Plastic can be fantastic, but relying on money we can't see is a reflection of how easy it has been to rely on credit in recent years," explained David Kuo, head of personal finance at Fool.co.uk.
"But since you are not paying in cash, it is all the more reason to take care as credit becomes more difficult to obtain.
"It is therefore more important than ever to build a decent savings pot because one day when you need to pull a rabbit out of the hat, you could find that all you have is a dead duck in your pocket."
