British consumers are spending record amounts of money using their credit and debit cards, a new report claims.
And over the last ten years the amount of money spent using debit and credit cards has more than trebled, according to a study by UK payments association Apacs.
The industry body revealed that more than £320 billion in plastic spending was received by UK retailers and service providers in 2006.
Debit cards are apparently a more popular method than credit cards, accounting for 61 per cent of the total spend.
Credit cards made up the remaining 39 per cent and accounted for £126 billion of the 2006 spending total.
Card spending in retail outlets outstripped cash spending for the first time in 2005 and that trend has continued, with the amount of cash spent in 2006 being more than £45 billion lower than the amount of card spending.
Sandra Quinn, director of communications at Apacs, commented: “Over the next ten years it is expected that spending on plastic cards will continue to dominate the payments arena, accounting for 89 per cent of growth in UK payment volumes by 2016.”
In related news, the price of the average car insurance premium is now at a record high, according to an AA insurance premium index released this week.
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