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Credit card claim: Cash loses popularity as payment method

When consumers opt to pay for retail products, cash is still king, however new research says that it is losing popularity.

The British Retail Consortium found that paying in cash decreased by ten per cent in 2012 compared to the previous year.

Consumers have been turning to other methods of payment, such as debit cards and PayPal.

However, credit cards have become less popular too as people try to ensure they have a tighter grip on their finances.

By favouring the use of debit cards over credit cards, it is not as easy for consumers to to fall into debt and incur charges they are not prepared for.

Additionally, customers are charged an average of 38 pence per credit card transaction so not using this payment option allows them to cut down on their spend.

However, it is possible that consumers have become more suspicious of credit cards in general. As a result of the payment protection insurance scandal, credit cards may have been given a bad reputation.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers. ADNFCR-2776-ID-801593174-ADNFCR

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