Cashless Society?

Are we becoming more and more afraid to use our credit cards due to the ongoing credit crunch saga as it tightens everyone’s financial belt up another notch? A recent survey by The British Retail Consortium has indicated a 2% increase from 32% to 34% indicating that we are spending more cash in today’s society.

The reason for this is simply down to the credit crunch. More and more people are afraid to run up high interest rates by using their credit cards and therefore prefer to use cash instead.

It was thought that the UK was fast becoming a cashless society as more and more plastic transactions were taking place each year. This was mainly down to its simplicity and convenience, no need to carry all the change around with you when you can carry a small credit card with all your money available on it.

This is the first time in over two decades that the percentages have made a u turn. The UK saw an increase of