As Christmas approaches, itβs been revealed less people are using credit cards
A survey of 2000 people by PriceWaterHouseCooper found that 68% of consumers have no plans to borrow money for their purchases.
It also found the number of credit cards in circulation fell 8% in the last 12 months, where as the number of debit cards increased by 6%.
But the report by the accountancy firm shows bad debts have risen and will get worse.
It predicts bad debts could reach as high as 9% of all outstanding balances by the end of next year.