Would you be happy to lose your credit card?

August 22, 2007

A new study conducted by Halifax Credit Cards has shown that most people would least like to lose their credit cards, over their mobile phones and their driving license. The UK’s love affair with credit cards has been around for years now and it shows little signs of slowing down.

The research also showed that people living in Wales, Yorkshire and Humberside were the most possessive over their credit cards. There also seemed to be a difference with age too as younger people didn’t care as much about their cards as older people.

This could be to do with the fact that older people generally have more financial difficulty than younger people these days. More and younger people are living at home for longer due to high house prices and low wages. So they do not really know much about true financial difficulty and they do not need their cards as much as an older person.

It is the convenience of a credit card which most people love. There is no hassle counting change and you can buy now and pay later. There are also plans to introduce credit cards by the end of 2007, which allow you to ‘wave and pay’. It is taking convenience to a whole new level and it is likely to attract even more consumers.

There are also plans to introduce 3-in-1 cards which allow you to pay for transport, purchases and fast food. So it seems that the popularity of credit cards is set to soar even further by the end of the year.
Overall Britain’s love affair with credit cards is fairly strong. Most people could not survive without their credit cards and that is slightly problematic as it shows what kind of debt crisis we are in. Long gone are the days when cash was more popular. These days most people are happy to spend whatever they like, even when they have no money.