| If some predictions are to be believed, we | | | | fuss. After all, in the build up to Christmas |
| will be living in a cashless society by no | | | | it is estimated that UK credit cards will |
| later than 2012. This may not come as a major | | | | account for around a fifth of all spending |
| shock, given the current trend in online | | | | this December. Furthermore, 1 in 10 people |
| shopping and the ubiquity of 'chip-and-pin' | | | | still carry credit card debts from LAST |
| on the High Street. But where does this leave | | | | Christmas. |
| the trusty chequebook - once a staple part of | | | | |
| British consumer culture? | | | | So, while it seems that carrying plastic is |
| | | | definitely the way forward for the 21st |
| Well, being paper-based, cheques are more | | | | century consumer, it would also seem that |
| expensive for banks to process compared to | | | | seeking out the best credit card deals is a |
| electronic methods, so a gradual shift away | | | | wise move, given many people only manage to |
| from cheques in many European countries has | | | | cover the interest-payments. Fortunately, in |
| become the norm in recent years. This | | | | the consumer-centric internet age, there are |
| 'discouragement' usually comes in the form of | | | | web sites dedicated to the cause, and will |
| extra charges for using cheques or making the | | | | compare credit cards for factors such as |
| alternative payment options more appealing. | | | | interest rates on purchases and balance |
| And, of course, the wide-spread use of ATMs | | | | transfers. Indeed, many credit cards offer 0% |
| and chip-and-pin in most outlets has meant | | | | on balance transfers and interest-free |
| there is little need to have a cheque-book | | | | periods on all purchases, making it an |
| these days. | | | | extremely worthwhile venture to shop around |
| | | | for the best credit card deal. |
| Indeed, many high-profile retail outlets such | | | | |
| as Sainsbury's, Asda and Boots now don't | | | | With cheque-books more-or-less becoming a |
| accept cheques at all, as relatively few | | | | thing of the past, consumer culture in the UK |
| people use them and it is very time-consuming | | | | is moving ever-closer towards 'paper-free' |
| to process them. And this will only serve to | | | | payments. Whilst predictions suggesting we |
| push even more customers towards paper-free | | | | could be entirely 'cashless' by 2012 may be a |
| payments. | | | | little premature, the fact remains that it |
| | | | certainly looks a safe-bet at some point in |
| But credit cards have been around for long | | | | the future, with online shopping slowly |
| enough now for this seemingly inevitable | | | | becoming the norm and chip-and-pin |
| cashless-society to be embraced with minimum | | | | commonplace in most retail outlets. |