Secured loans, credit cards and 'the return of cash'
29/04/2008More consumers are looking to use cash instead of running up high interest credit card debt, it has been suggested.
According to the British Retail Consortium (BRC), an organisation that represents and supports the retail sector, shops and stores are seeing a healthy number of cash transactions despite card companies' contradictory claims.
Richard Dodd, a spokesman for the group, said that a recent survey looked at the spending habits of shoppers and confirmed more people were using cash than last year and that this may be for budgetary reasons.
"There is no indication that the fact that customers are cash strapped and their budgets are under a lot of pressure is about to change in the immediate future," he added.
Many people consider the benefits of consolidating their outstanding credit card debt with a secured loan, as often these loans provide a more favourable rate of interest than traditional lending.
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