5 September 2005
Britons are using credit cards more than ever before, it has emerged.
A report from bank Morgan Stanley says that credit card use has grown to encompass many areas of spending where credit cards were previously absent.
People now use credit cards for about 50 per cent of everyday purchases, a rise of ten per cent on three months ago and a break from the traditional practice of using debit cards.
As many as 38 per cent of people use credit cards to buy groceries, with a further 45 per cent using their cards for petrol and other routine buys.
Marketing director at Morgan Stanley Consumer Banking, Patrick Muir, said: "The Index reveals that the trend for using credit cards to pay for everyday items is continuing to grow.
"We are witnessing the emergence of increasingly savvy shoppers who will benefit from credit cards that offer reward schemes such as cashback, in addition to taking advantage of the 55 day interest-free period that many cards offer."
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