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Credit card charges: Fewer people using payment method

There may soon be fewer people experiencing credit card charges as the payment method is becoming less prominent.

Kevin Harrington, managing director at Global Prepaid Exchange, a company that provides services to the growing worldwide prepaid gift industry, claims that people are looking to alternative methods of payment such as debit cards and prepaid credit cards.

He said: "Credit card usage in the UK has been on a small decline for the past year.

"Credit cards are on [a] decline because people are trying to manage their finances better and not incur changes. Debit cards are increasing, but prepaid card are rapidly increasing because people are seeing so many opportunities [with them]."

Mr Harrington's comments follow research by, which found UK consumers will spend the first 45 days of 2011 paying off interest on their debts.

This means that Brits have only earned enough cover the interest they have built up and are yet to start re-paying the actual debt itself.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.

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