Brits are cavalier with their cards
(08 March 2006)

Brits' increasingly-held preference to pay for goods using cards is leading to the onset of significant debt, according to National Savings and Investments (NS&I).

Apparently 39 per cent of us overspend on our debit cards – and this is often more down to delusion and a lack of realism than anything else.

This is demonstrated by the fact that 40 per cent of those overspending on cards admitted to doing do because it didn't seem as if they were actually spending money in the absence of helpful coins and notes.

NS&I said that a generation of "cavalier cardholders" has been created by the cash-free lifestyle increasingly lived by many.

Dax Harkins, NS&I senior savings strategist, said: "Plastic payments are a useful part of managing our money in a fast-paced society and they are here to stay, however as we use them more and more we need to safeguard against losing touch with the reality of our spending and debts.

"Brits need to set some time aside each month to look over their finances in order to stay financially fit and to avoid the costs involved with overspending."

This sounds like a good idea – and if you want to put the brakes on your reliance on debit cards for even the smallest of purchases then some short-term cash, present in your account within 24 hours of your request, could come in useful.

A payday loan of £80 to £1,000 might encourage you to withdraw larger sums in ready cash, thus making sure that you have a precise grip on what you're spending – and will also buy you time to re-evaluate your general financial position.



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