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The feeling that they are not actually spending any money is the main psychological reason why two in five Britons overspend on their credit cards, according to a survey by National Savings and Investments (NS&I).
The survey claims such a mentality has resulted in people losing track of outgoings from their current account.
Dax Harkins, senior savings strategist at NS&I, explained: "The shift from
physical payment in the form of cash to virtual spending on cards has caused
many people to lose track of their day-to-day spending.
"While these forms of payment bring convenience, our findings shows that plastic
payments lower some consumers' financial awareness and control, causing them to
spend more money, more easily".
Source:
Getting Paid
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