Brits 'favour plastic'

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Brits 'favour plastic'

Mon 31st Mar 2008

New research from Fool.co.uk has revealed that debit cards account for 37 per cent of everyday spending in the UK, while credit cards make up a further 32 per cent, followed by cash at 29 per cent.

It also found that around a third of Brits generally carry less than £10 in cash, while one in five use cash and cards interchangeably.

When asked why they preferred cards, 16 per cent of respondents said they found debit cards the most convenient way to pay, while 11 per cent felt that it was the best way to keep tabs on their spending.

Men are more likely the keep cash on them than women, the website found, with males generally carrying around £20 more than their female counterparts.

David Kuo, head of personal finance at Fool.co.uk, said: "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."

Recently national money education charity Credit Action advised consumers to research the market carefully before deciding on a credit card and ensure they "understand the whole product".

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