It was reported early 2009 that UK consumers were turning away from credit card spending in the heat of the economic downturn.
This obviously was bad news for credit card companies such as MBNA. Business with credit cards fell by 3% in the first three months of 2009.
However, this situation is now regarded as a panic reaction and that consumers may not be able to turn away completely from credit cards as the world is growing more and more a cashless society.
For instance, the use of debit cards was up in the same period while the use of cheques declined within the period.
