Credit Card Usage

A recent survey has shown that many of the UK residents, especially those in Britain prefer to use credit cards rather than money when you make their usual purchases.  The survey showed that typically 32 percent of Britons use credit cards, 37 percent use debit cards, and 29 percent use cash for their every day purposes.

The survey also showed that most individuals are carrying less than 20 pounds of cash during the week.  About 47 percent go to the ATM once a week or less to withdraw cash.  The fact is most of those using a credit card find it easier to keep track of their spending as it is harder to track cash once it has been removed from the account.  This is also a reflection of how easy it has been to rely on credit in the last few years.

For those who are using cash or even credit cards it is very important that you keep track of your spending.  You shouldn’t let your credit card purchases get out of hand.  A good rule of thumb is to use the card for your normal purchases, but for nothing else.

Even though you can pay off the debt later this is how you might get into trouble.  Credit cards are going to be harder to obtain in the year to come.  Many card companies are now realising the debt of Britons and that they need to stop offering easy credit.  The survey also showed that the older a person is the more they tend to use cash over credit cards.  It seems that these individuals realise the trap a credit card can get you into.  Most over 50 carry cash that is three times the amount of what an 18 to 24 year old would carry.  Men also tend to carry more cash than women.