Debit Card Stats Outline Payday Loan Flexibility

Debit Card Stats Outline Payday Loan Flexibility



Debit Card Stats Outline Payday Loan Flexibility
Research from Apacs released earlier this week provided the​ news that debit card purchases have,​ for the​ first time in​ history,​ outstripped cash spending in​ terms of​ the​ amount of​ money splashed out – underlining the​ flexibility which people today appreciate when it​ comes to​ making everyday buys.
The figures showed that in​ 2018 people spent some £89 billion using debit cards,​ which was a​ significant increase of​ nine per cent on​ the​ previous year's amount and eclipsed the​ cash spending total of​ £81 billion.
Indeed,​ the​ cash figure was a​ four per cent decrease on​ that of​ 2004 – emphasising the​ noteworthy swing in​ spending habits which has manifested itself over a​ period of​ 12 months.
Broken down,​ debit cards formed 37 per cent of​ Brits' retail spending over the​ course of​ 2018 while cash accounted for 34 per cent .​
With credit cards added into the​ mix,​ card spending as​ a​ whole made up some two-thirds of​ overall retail outlay in​ the​ UK.
Sandra Quinn,​ director of​ communications at​ APACS (www.apacs.org.uk ),​ spoke of​ the​ path which spending patterns have taken over the​ past couple of​ years,​ saying: At the​ end of​ 2004,​ we saw total UK spending on​ plastic overtake cash for the​ first time,​ signalling a​ real sea change in​ our payment habits.
'This change was mainly driven by debit card use .​
The 2018 figures show that this trend is​ continuing with debit card spending in​ retail outlets crashing through the​ cash barrier for the​ first time ever.
She also noted the​ general cultural change which debit cards have precipitated,​ observing that businesses are ever more receptive to​ card purchases and continuing: However it​ is​ also being led by us as​ customers - debit cards have been around in​ the​ UK for almost 20 years so we now have an​ entire generation of​ shoppers who readily delve for their debit card instead of​ cash.
Debit card users who require a​ payday loan benefit greatly from the​ fact that My Payday Loan (www.mypaydayloan.co.uk ) pays their sum of​ between £80 and £1,​000 directly into the​ borrower's account – usually within 24 hours .​
The convenience and expediency of​ this allied with the​ flexibility provided by carrying a​ debit card is​ a​ winning combination for those who require a​ spendable sum of​ money swiftly.
Of course,​ a​ payday loan is​ equally handy for those who prefer to​ make cash purchases – holding an​ advantage over longer-term forms of​ credit if​ your needs are immediate and confined to​ a​ relatively small loan .​
Perhaps you​ have an​ unexpectedly high bill to​ pay or​ a​ special event to​ fund – if​ so,​ some short-term cash can come in​ useful and be spent using a​ variety of​ methods.
Interestingly,​ one such time-honoured method is,​ according to​ the​ Apacs survey,​ in​ decline .​
Amounts spent using cheques fell by 14 per cent in​ 2018 to​ a​ relatively meagre £9 billion – showing that,​ while this is​ still a​ perfectly decent means of​ spending your payday loan,​ it​ is​ perhaps becoming undesirable when placed alongside the​ swiftness of​ card transactions,​ especially with the​ recent advent of​ chip and PIN.




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