Brits 'still love' credit cards

26 December 2005
Brits' love for credit cards will not falter in the New Year despite predictions of more careful spending habits, Datamonitor has said.

The research company predicted Brits will also be richer in 2006, with more than one million people having over £200,000 stashed away in the bank.

However, people will still be spending more on credit cards amid contrasting predictions which forecast financial rearrangement and the desire to pay off debts quickly.

Datamonitor has said card spending will increasingly replace cash and has predicted that UK consumers will spend more than £500 billion on plastic cards in 2006.

Debit cards will make up the bulk of spending, meaning that personal debt should rise at a slower rate, according to Datamonitor.

The research company says debt in 2006 will rise by only four per cent.

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