Debit Cards spending outdoes that on Credit

Debit Cards spending outdoes that on Credit

Friday 6th July 2007

The Association Of Payment Clearing Services (APAC’s) has released figures this week which show that spending on debit card has continued to outdo spending on credit cards and has also outdone all other forms of spending including cash and cheques.

The figures also show a continued decline in the use of cheques falling by 12%, to £164bn. Sandra Quinn from Apacs has summarised the trends stating "The last 10 years have seen a rapid rise in the popularity of plastic, with debit cards showing particularly strong growth".

Apacs have also predicted trends for the next 10 years summarising that "Over the next 10 years it is expected that spending on plastic cards will continue to dominate the payments arena, accounting for 89% of growth in UK payment volumes by 2016."

An increase in debit card spending has come in line with a decrease in credit card spending with the amount of debt outstanding on credit cards falling rapidly.