Make Way For Cash
Finextra reports that in Great Britain, the economic slowdown is resulting in a shift from plastic to physical money. Customers are reluctant to spend money that they may or may not have the month after, through a credit card. Interestingly, one may come to the conclusion that people are now taking charge of their finances and are budgeting more seriously. This also be a result of the worldwide understanding of credit card debt and its grievances. With a staggering credit card debt of $735 billion in April 2005, America has led the debt race for a while now, with UK catching up at second place. With card companies making money out of high APRs, late fees and various other hidden charges, customers are now becoming wearier and possibly more intelligent spenders. Getting back to the basics of cash might just be the beginning of returning to complete the full circle.