PPI Claim News
PPI claim: Has the PPI scandal turned people to debit cards?
More and more Brits are using their debit cards over credit cards, particularly for day-to-day purchases.
Research from M&S Bank revealed that one in four people now use their debit cards more frequently than a year ago.
Four in ten shoppers prefer to use a debit card than carry cash, particularly among the 18-35 age group. Thirty-three per cent of people in this bracket use their debit card, while 27 per cent of 35-54 year-olds do the same.
Those 55 and over are the least likely to use their debit card over cash, at just 18 per cent.
It seems a desire to have greater control over finances is driving this change in payment practices, with 43 per cent saying they have increased the use of their debit card to have better visibility over their spend.
Colin Kersley, chief executive officer of M&S Bank, said: "Although our research shows that many shoppers are using reward credit cards, debit card spending totalled £348 billion in 2012, more than double that spent on credit cards, so it's perhaps not surprising that more than one in five of us would switch providers to earn rewards on debit card spend."
However, scandals associated with credit card PPI will no doubt have influenced some consumers to change how they purchase goods.
Jennifer's speciality knowledge is credit card changes and balance transfers.
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