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Credit card debt declining as consumers use debit cards instead

Credit card debt declining as consumers use debit cards instead

- Thursday, 9 September 2010

The amount of money that consumers are spending on their credit cards has declined, which means they are less likely to get into debt problems.

According to the Payments Council, credit card repayments rose by seven per cent in the second quarter of 2010 compared to the same period last year, averaging 99 per cent of debt being paid.

Consumers also seemed wary of borrowing too much money as the amount spent on credit cards matched the sum repaid.

Therefore, credit card debt could decline as consumers appear to be repaying the money borrowed as soon as possible.

Spending on debit cards increased by 12 per cent in the same period while cheque usage dropped by ten per cent as businesses seem to be keener on faster methods of payment.

Sandra Quinn, director of communications at the council, said: "Cheque usage is shrinking dramatically, while credit cards hold less appeal for consumers and businesses."

Sainsbury's recently unveiled its Gold Credit Card, which charges no fees for balance transfers or for purchases made abroad.
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