Thomas Charles Report Finds Consumers Favouring Credit Cards for Cash
If you have been tending towards purchasing items with cash instead of whipping out your credit card recently, you aren’t the only one. Debt consultancy Thomas Charles released results of their recent survey of nearly 2,000 adults, finding that a quarter of them planned to avoid spending on their credit cards this Christmas season. 10% of those polled said they wouldn’t make a major transaction on their card for the next six months.
James Falla, Managing Director of Thomas Charles, explained his view of the high number of consumers avoiding credit cards: “Interest rate rises and subsequent mortgage hikes mean that people have been relying on credit for their everyday expenditure - credit they can often ill afford.
He explained that the results of the Thomas Charles survey indicate excellent news, that Britons are starting to address their debt issues. “This is good news for the man on the street,” he said, “but may signify bad news for retailers who have come to rely upon the vast amounts of credit spent at Christmas time.”
James Falla’s vision of Britons addressing and rectifying their debt problems is certainly a good and needed thing; according to another survey completed in the Thomas Charles poll, a whopping 15% surveyed held unsecured debt of more than £10,000 from various credit cards and loans.