The number of people facing debt problems because of overspending on a credit card may decline as consumers are turning to debit and prepaid cards instead.
According to Keith Harrington, managing director at Global Prepaid Exchange, which offers services to the industry, credit card usage is declining.
He said: "Credit cards are on a decline because people are trying to manage their finances better and not incur charges.
"Debit cards are increasing, but prepaid card are rapidly increasing because people are seeing so many opportunities [with them]."
This could suggest that Brits are starting to realise that using a credit card can be risky in terms of accruing debt and possibly needing a debt solution in the future.
Mr Harrington also claimed that consumers are now starting to use prepaid cards, which are uploaded with cash and can be used in specific stores.
Research by his firm, which was released on February 7th, found that 2011 will experience a boom in innovative payment methods.
Wed, 23 Feb 2011
Brits concerned about their debt problems, which have been accrued through borrowing on a credit card, may want to consider using a zero per cent balance transfer card... Tue, 22 Feb 2011
Around 430,000 students will be given a manual about how to manage their money and avoid debt problems in the process.
Finance charity Credit Action intends to give its guide on student finance to young people planning to attend university in the 2011/2012 school year.
The average student is expected to graduate with debts amounting to more than £23,000 so the charity has created a guide to inform youngsters about the financial support available, how to budget and how to save money.
This could help would-be students learn how to stay in control of their money and help them avoid debt problems while at university.
Joanna Parsley, associate director of Credit Action, said: "Getting this information and guidance into students' hands before they begin university is key as it allows them to prepare financially, so their university experience can get off to a smooth start."..
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Couples that are going through financial difficulties and seeking debt advice need to be "open and honest" with one another...
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