Debt problems: credit cards fall
17/02/2011Many people with debt problems in Britain today could be finding that plastic is getting used with less frequency, meaning fewer people will seek debt advice because of money owed on credit cards.
That’s because as people try to manage their finances, credit cards are taking a back seat in terms of priorities, according to Global Prepaid Exchange.
Kevin Harrington, managing director at the company, said credit card usage in the UK has been on a "small decline" for the past year as prepaid credit cards become the more popular choice.
And this of course is good news for people with debt problems brought on by spending binges on plastic.
He says: "Credit cards are on [a] decline because people are trying to manage their finances better and not incur changes."
He went on to say that "debit cards are increasing, but prepaid cards are rapidly increasing because people are seeing so many opportunities" with them.
Research published last week by Global Prepaid Exchange found that prepaid credit cards are set to see a surge in popularity this year.
Mr Harington explained that "prepaid cards are very much accepted by the consumer." 
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