| |
Consumers are turning to cash
|
Cash Back in Fashion
Writes Dan Drage dan.drage@consumerchoices.co.uk
According to a survey by the British Retail Consortium (BRC), cash payments have made a significant increase among consumers.
A survey of 17,000 shops found cash was used for 60% of transactions last year, up from 54% in 2006, and accounted for about a third of all money spent.
Consumers, it seems, wish to keep a careful watch on the money they’re spending in the light of the global credit crunch.
BRC Director General Stephen Robertson was quick to emphasise this point:
|
"Hard-up customers are increasingly reluctant to spend money they haven't actually got in their hands"
|
'Hard-up customers are increasingly reluctant to spend money they haven't actually got in their hands'
He continues:
‘While total retail spending continues to grow, there is a widening gap between the amount spent in cash and the amount spent using cards, suggesting customers want to keep tight control of their finances.’
For those wishing to keep tight surveillance on their finances, but at the same time enjoy the functionality of a credit card, Consumer Choices’ Commercial Manager Chris Eagle has the perfect solution:
‘Pre-paid credit cards offer all the functionality of a credit card without the money borrowing aspect. You can use a pre-paid credit card to perform such utilities as paying bills, making retail purchases, buying online and topping up your mobile phone, but you only spend the amount that you’ve loaded onto the card already.’
| 
