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Debit and credit card use on the up

Thu, 08 Sep 2005

Using debit and credit cards is soaring in popularity, with the majority of young Britons preferring it to cash.

New research revealed that 62 per cent of those aged between 25 and 34 use their debit or credit cards for purchases under £10.

And of all those surveyed, debit and credit cards had a slight advantage over cash, with over half of respondents saying they feel more comfortable using debit and credit cards than cash.

The Post Office's Cash Nation survey also found that only a quarter would have reservations about using a debit or credit card to pay for purchases under £20.

These findings suggest that younger generations feel more comfortable using debit or credit cards for some of their smaller transactions, commented the Post Office's banking and financial services director Graham Halliday.

"Plastic provides us with a fast and convenient way to shop," he said.

However, some people feel happier knowing they have cash in their pockets, Mr Halliday added. Reasons stated were that cash in the pocket is for emergencies, spending is more controlled or it is the easiest method of payment.

And even though there is a stronger reliance on debit and credit cards in our society, 80 per cent of people say they always have cash with them.

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