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Debit and credit card transactions to hit £500bn

Friday, December 23, 2005

Debit and credit card transactions to hit £500bn
UK shoppers are set to carry out more than £500 billion of debit and credit card transactions in 2006, according to the latest research.

This forecast is one of many generated in Datamonitor's 2006 predictions, which are based on market studies of existing trends and habits among UK residents.

But apparently, the British attitude to debt is changing, demonstrated by the fact that the majority of the plastic card transactions will be on debit cards rather than through the use of a credit card.

And the credit card and debit card insights were not the only ones supplied by Datamonitor, which also predicted that the number of rich Britons would rise in 2006.

The Datamonitor research shows that the number of Britons with more than £200,000 in the bank is set to top one million.

Add this to the forecast that people will also have more money in general – the high-net-worth individuals having a total of £629 billion – and 2006 looks like it could be a prosperous year.

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