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UK consumers expected to switch to debit cards

It has been revealed that credit card transactions in 2008 are likely to be down by 1.1% at £120 billion while the amount of money spent via debit cards is forecast to rise by 14% to £438 billion. It seems as though consumers are finally grasping the fact that a spend, spend policy on their credit card is certain to blow up at some stage and leave them in severe financial distress. The fact that many are now switching to debit cards ensures that they are only able to spend what cash they have on deposit.

The fact that credit card spending will be down this year should not deter from the fact that credit card debt in the UK has never been higher than it is today. As Christmas approaches the temptation for credit card holders to pile yet more debt onto their flexible friend may be too much for some to avoid. However, this will only result in yet more financial heartache in 2009 at a time when money has never been tighter and businesses in the UK continued to lay off workers in order to cut costs.

It finally seems that the UK consumer is starting to get the message that a spend, spend policy is not working.

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