Brits like to spend on plastic

A recent report has shown that the majority of Brits prefer to use their plastic when it comes to spending, enjoying the convenience, ease, flexibility, and security of using credit cards to make payment rather than using cash.

The data comes from research that was recently carried out by Fool.co.uk.

The data shows that over recent years the use of credit and debit cards to make payment for purchases has rocketed, and far fewer people now rely on cash to make payments, with even fewer now paying by cheque – partly due the many retailers now refusing to accept cheque payments.

The figures from the report showed that whilst only 29% of us tend to use cash to make payment for purchases, 32% of us use our credit cards to pay for purchases, and 37% of us use our debit cards to make payment.

The data also showed that nearly 50% of us only withdraw cash from the cash point once a week or less, and a third of us only carry £10 or less in cash.

However, experts are concerned that whilst making payment by card has become popular due to the convenience, ease, and security that comes with this payment method it could also lead to increased debt levels because consumers are spending money that they cannot physically see.