Short-term loans are seducing us away from plastic, but credit cards are invaluable.

For a nation that used to be in love with its credit cards, we have discarded our affection pretty quickly. The plastic in our wallets celebrates its 45th birthday this year, and yet we have fewer credit cards than we had at almost any time in the past decade. While part of the decline can be explained by the difficulty that those with poorer credit ratings have in getting cards, experts also believe that the credit card is facing a "midlife crisis", with younger people preferring the technological convenience of whizzier payday loan websites. "These websites are very effective at using digital channels," said Simon Westcott, from PricewaterhouseCoopers, author of a new report into the decline of the credit card. "They have iPhone apps and technology. More established players struggle with this." He added that "a broader and more prosperous" section of the population was choosing to use these short-term loan providers, because of their "convenience and innovation"....Read more here---: Give your card some credit