UK losing control of plastic spending says research by Finance News Bulletin

Published: 20/02/07

Two fifths of adults in the UK speak that they feel unable to manage their finances when they make the bulk of their transactions on plasticThe research, commissioned by National investments and Investments (NS&I) says that women and 16-24-year-olds are the most unable to keep track of their spendingAlmost 40 per cent of cardholders supposed that they overspent on plastic, with most saying that they do not "feel they are not spending any money" if they are not handling moneySwitching to using a debit card in its place of best rate credit was discounted by 37 per cent of respondents

"The move from physical sum in the form of cash to virtual spending on cards has caused many people to misplace track of their day-to-day spending," supposed Dax Harkins, senior savings strategist at NS&I"While these forms of payment bring expediency, our findings shows that plastic payments lower some consumers' financial consciousness and control, causing them to spend more money, more easily"Card users old between 16 and 24 had the worst spending habits, with 59 per cent going over their budget on plasticMoneyExpert incomplete is authorised and regulated by the Financial Services power (FSA Registration No

301654) The monetary Services Authority does not regulate some forms of mortgage contract, credit cards, individual loans, current

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