Friday 3rd of December 2010
Individual voluntary arrangement help may be required by Brits who are failing to keep track of their spending as a result of making the majority of their purchases on debit cards.
According to the Payments Council, cash is no longer the preferred method of payment for the majority of Brits, with research showing money withdrawals fell in the third quarter by value.
Over the August Bank Holiday, debit cards overtook cash as the preferred payment device, as the amount of expenditure on the products stood at £272 billion, beating the £269 billion in cash that was spent in the economy for the first-time.
Director of communications at the Payments Council Sandra Quinn said: "Cash is too cumbersome for many consumers these days - they prefer a card for anything more than the smallest transactions."
She added that the method of payment can now be used in many circumstances, including online and on the high street.
Earlier this week, Richard Sorsky, a money advice co-ordinator, said use of credit cards is becoming a "cultural norm" within society as more people are turning to it to make purchases.
By Rachel Powell
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- Britons 'changing attitudes' towards debt management
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