Britons 'turning to credit cards'
Britons 'turning to credit cards'
Monday 29th December 2008
Donald MacLeod, head of Sainsbury's credit cards, said that the company has witnessed a "steady move" from debit card to credit card spending among many UK consumers this year.
He explained that people are frequently resorting to "short-term secure borrowing tools" to manage their everyday expenses, with household finances becoming increasingly stretched.
"We are seeing customers migrating their spending from debit to credit card," Mr MacLeod commented.
"So from where we have traditionally seen a steady move away from credit card to debit card spend, we have seen that shift back," he added.
According to figures released by Apacs in November, 1.9 billion purchases were made on plastic cards in the UK during the third quarter of 2008.
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