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Credit card users becoming more "savvy"

UK consumers are becoming increasingly aware of their financial options and more responsible in their use of credit cards, it has been claimed.

According to Apacs, the trade association for payments, a growing number of people are making cash machine withdrawals with a debit card, rather than using their credit card, in order to save money.

Research by the organisation has found that the amount of cash withdrawn from ATMs using a credit card declined by ten per cent between 2005 and 2006, while the use of debit cards at cash machines increased by ten per cent over the same period of time.

"Everybody's becoming more savvy with what they need to do to make a better choice about the products that they're using," commented Apacs PR manager Mark Bowerman.

"It's about familiarising yourself with all your options and making the correct financial choice accordingly," he added.

The debit card recently celebrated its 20th anniversary and is now used by around 41 million people in the UK, according to a report by Apacs.

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06/06/2007 13:40:14

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