4 March 2009
Credit cards are being used by consumers to offer protection against retailers going bust, according to new research. Nearly half of Brits (46%) claim that they use credit cards to protect their purchases against vendor bankruptcy, a survey by Saga reveals. The same percentage of respondents believe that credit cards are preferable to carrying cash. A quarter (24%) of consumers aged over 50 also claim to use credit cards because they help them to manage their money. Andrew Goodsell, Chief Executive of Saga Group, explained that the figures highlight the financial crisis is impacting everyday consumer decisions. He said: "The credit crunch has affected people in a number of ways and as a result have become more wary; choosing brands they trust and using credit cards as they provide added protection in uncertain times." Recent research by online bank Egg indicated that one fifth of Britons cut their own hair in a bid to save money.