Plastic overtakes cash, and debit card usage rises as we pay off debt
Sunday 05 December 2010
Cash is no longer king. Debit cards passed a historic milestone over the August bank holiday when the running total of debit card spending (£272bn) finally overtook the cumulative amount of cash spent (£269bn) in the economy.
The number of debit-card purchases rose 10 per cent this summer compared with last, with an additional 1.6 million daily transactions between July and September. The amount spent rose almost 11 per cent. Debit cards were also used three times more often than credit cards in the third quarter of 2010.
As a further indication of the move away from cash, withdrawals from cash machines fell 1.5 per cent in the third quarter, compared with the same period in 2009, a decline in real terms of almost 5 per cent.
Sandra Quinn, of the Payments Council, the banking industry body, said: "Cash is too cumbersome for many consumers these days. They prefer a card for anything more than the smallest transactions. Having quickly supplanted cheques and then claimed the scalp of credit cards, they have now usurped cash's throne too."
In the third quarter of 2010, the total outstanding balance on our credit cards fell to its lowest level since 2003, showing that consumers are repaying debt.
- 1 Freedom fighters? Cannibals? The truth about Syria’s rebels
- 2 Breaking the Silence: In the reality of occupation, there are no Palestinian civilians – only potential terrorists
- 3 Special Report: US troops are stationed in Japan to protect the nation. But to sex workers in Okinawa, they bring fear, not security
- 4 Vice pulls 'breathtakingly tasteless' fashion shoot glorifying the suicides of famous female authors from Sylvia Plath to Virginia Woolf
- 5 Iran to send 4,000 troops to aid President Assad forces in Syria
iJobs Money & Business
£65000 - £85000 Per Annum: The Green Recruitment Company: The Green Recruitmen...
£400 per day: Orgtel: A top tier banking client urgently requires a Senior Bus...
£250 - £350 per day: Orgtel: Financial Crime Analyst,Midlands, Banking, AML/Sa...
£20,000 - £45,000 OTE: Co-Venture: Working for this company will give you a ch...
Day In a Page
A smartly presented two-bedroom cottage, extensively refurbished with sun-filled garden and terrace, £350,000
A Victorian barn conversion at Heath End Farm with four bedrooms. £1.25 million.
A spacious two-bedroom flat within an impressive Victorian terrace building, close to Fulham Road and New Kings Road, £375,000.
A two-bedroom flat at Grafton Court, a former manor house in the village of Temple Grafton, with private terrace, £450,000
A four-bedroom listed mews in Apley Castle with impressive drawing room, £425,000
A two-bedroom flat close to the Regent's Canal with a private patio and a concierge service. £500,000
A two-bedroom flat at the Candlemakers Apartments set over two floors with a balcony. £625,000.
This three-bedroom Grade II-listed thatch in the pretty village of Wigginton. £450,000.
A new two-bedroom flat with a bright open-plan reception and skyline views. £450,000.
A modern home of almost 1,000sq ft is close to Stoke Newington's high street. £499,950
A five-bedroom bungalow in Hoveton with riverside garden and mooring dock, £550,000
A refurbished one-bedroom flat with south-facing reception and high ceilings. £579,950
A four-bedroom Grade II-listed house in Nazeing with large gardens. £550,000
A modern four-bedroom house in a converted stable within walking distance to Peckham Rye. £695,000
Three-bedroom house in a quiet residential area within close distance to Battersea Park. £450,000
A three-bedroom cottage within commuting distance of London, Norwich and Cambridge. £250,000
A two-bedroom cottage with a sun room and gardens in South Chard. £350,000.
A three-bedroom semi-detached house with original features including fireplaces and wooden flooring. £399,950
A modern two-bedroom flat split across two floors and close to several public transport links. £595,000