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810,000 credit card accounts cancelled

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The rise of new buy-now-pay-later schemes is killing credit cards. The personal credit card accounts held nationally has dropped by 810,000 in a year.

Financial expert Scott Phillips says cancelling credit cards is a two-edged sword.

“So I’m thinking that maybe people are doing the right thing and actually doing the right thing and going back to the old days and saving for what they want although it might just be they’re changing the way they’re doing credit using Buy Now, Pay Later  and AfterPay instead,” the Chief Investment Officer at Motley Fool’s told 6PR Breakfast.

The 6PR listeners chimed in to tell Steve and Baz their stories of cutting up their credit cards or why they’ve still got one.

“I use a credit card, but I wouldn’t mind getting away from it if I could,” Alan says.

Click PLAY to hear the full conversation.