Surge in credit card use for DIY jobs
UK payments association Apacs has stated that British DIY enthusiasts are using debit and credit cards to spend billions of pounds in shops to help them complete a wide range of domestic projects. Apacs also revealed that stores received around £12 billion worth of DIY trade from debit and credit card transactions.
The organization estimated that ,on average, individuals were spending around £70.00 on purchases for DIY jobs.
A spokesperson for the association said that the use of plastic card payments has dramatically increased over the last 10 years. British consumers tend to favour this method of purchasing as it is relatively straightforward and convenient.
However, it is expected that the continuing economic downturn ,which may see the UK’s unemployment figures rise to over 2 million in the near future, may result in the curbing of the spending habits of those who wish to use their money on DIY projects.
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Use of prepaid cards increases in the UK
The Newcastle Building Society ( NBS ) has claimed that the use of prepaid cards has increased amongst those people who currently have individual voluntary arrangements ( IVA's ). The firm predicted that the current rise in this type of card's popularity will see prepaid card use rise by 10% by 2012. It was also estimated that this alternative to the credit card may see its numbers increase to nearly 10.9 million by 2009.
The NBS stated that prepaid cards are becoming increasingly popular in the UK because they are not tied to bank accounts and can offer protection for those who wish to carry out their financial transactions online or for those who are travelling abroad. The use of these cards can also assist Britons to deal with difficult financial situations and debt management.
Prepaid cards also appear to be particularly appealing to parents who want to offer their teenage children a limited spending option.
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