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Debit Cards More Popular Than Cash
BBC News reports that, for the first time, consumers spent more using debit cards than cash during the year ending October 2010. Credit cards remain more or less unchanged with payments by cheque continuing to decline.
Here at Conservatory Blinds Limited, we have seen a major swing away from cash payments over the past 5 years, with less than 5% of payments being made that way. Part of this reason is that we stopped accepting cheques, except for some deposits, over two years ago. Cheques are obviously being phased out by 2018 and we are planning to do the same over the next 12 months.
Credit cards still remain more popular than debit cards (which is a shame as this increases prices by more than 1%) but debit cards are still a very popular method of payment for conservatory blinds.
Interest Free Credit has declined over the past two years, presumably as consumers are less confident about the future and so avoid any repayment commitments. Having said that, short term credit (such as our Easy 4 Credit option) or Buy Now Pay Summer option is more popular than ever (presumably because the repayment period is short).
With this in mind we can only conclude that consumers buying conservatory blinds are generally able to afford the entire purchase, but take advantage of the repayment options which allow them to pay over a short period which ultimately leads to their bank balance more or less unaffected.
For more information read About Conservatory Blinds Limited.
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