Summary
BORROWED-to-the-hilt shoppers are increasingly turning to "buy now pay later" offers as the credit crunch stops them piling more debts on their plastic. While credit card borrowing fell in the first quarter of the year, according to the Association of Payment Clearers Association (Apacs), customers seizing "buy now pay later deals" rose by 24 per cent, says the Finance Leasing Association (FLA).
Scots, in particular, cannot get enough easy money, says the FLA, with three towns in the top ten of biggest borrowers of personal loans in the UK. The average Motherwell loan is GBP 2,932, East Kilbride GBP 2,851 and Falkirk GBP 2,793.See the full content of this document
Extract
Buy Now and Pay Later Is Back in Fashion
Debit card usage is also rising. Consumers made 78,888 more purchases using them rather than credit cards compared with a year ago. Credit card transactions fell by 4,300.
Apacs spokeswoman Sandra Quinn said: "A few years ago, debit and credit card usage was growing at the same rate, as cheques were be...See the full content of this document
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