Consumers make everyday purchases with credit cards
December 2, 2010
An industry official has pointed out how people are now using credit cards to make everyday purchases rather than reserving them for one off purchases, luxury items, or more expensive items. In the past many people that had credit cards only used them in emergencies or if they were buying something that they could not afford to pay for in one go.
However, these days more and more people are using their credit cards to make everyday purchases, from paying for groceries and travel to paying for drink and lunch in the pub. The convenience and ease of credit cards has made them very popular amongst consumers that don’t want to be carrying cash around everywhere. They have also proven to be a financial lifeline for many people that have suffered financial struggles due to the credit crisis and recession.
Richard Sorsky, who works for the UK Insolvency Helpline, said that credit cards were no longer seen as a luxury, and rather than being used by wealthier people, as they once were, they were now tools that were used by the average consumer to pay for many different items both online and on the High Street, as well as by phone.
He said that more people were now spending instead of saving, and this was because it was impossible to save any significant amount of money for some people due to the high cost of living. There is also the fact that most people are not getting any return on their savings due to low rates of interest from banks.
Another recent report has also highlighted how popular credit cards are becoming, but industry experts want to ensure that consumers are being sensible with their credit cards as well as enjoying the convenience and ease that they offer.
Tags: Credit Cards, consumer, Richard Sorsky, consumers, buying, recession