Cash still popular even though credit card usage rises

March 20, 2007

Even though credit card usage is on the rise, new studies have shown that many people still prefer to pay using cash, and notes in particular are proving to be extremely popular.

The credit card still remains largely overused, but it seems that many people prefer using notes such as the £20, to pay for most of their purchases. When it comes to smaller purchases, again people prefer to spend cash rather than using credit and that is understandable. After all, why top up your credit card bill for just a couple of quid?

However despite people still loving cash, credit card usage still continues to rise and convenience is largely to do with it as well as safety. People simply do not feel safe carrying money around these days. Street crime is a problem for many areas and so many people just find it easier to carry around a credit card just in case something did happen. That is one advantage to a credit card and it has stopped many a thief in their time.

Credit cards are constantly being updated and so it is thought that our love of cash will not continue as time goes on. Things are set to become even simpler and more reward schemes are also going to be introduced. All this is likely to tempt us away from cash and back to plastic again.

So just how long will the £20 continue to be the UKs favourite method of paying? Well according to experts it will not be for very long. The introduction of the new £20 is due to be released and it will go to cash points first. People will no doubt be rushing to their nearest cash point trying to get a look at the new note, but once the novelty wears off, just how long will £20 remain popular?