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Credit cards cut up and paid off

CONSUMERS are cutting up their credit cards in record numbers in an attempt to curb outlandish spending.

There are now twice as many debit cards as credit cards, the Irish Payments Services Organisation said.

The number of personal credit cards in issue has dropped by 100,000 in the past year, separate Central Bank figures show.

And consumers are also paying off credit card debt, with €200m paid off on credit cards in the past year alone.

Collectively, consumers owe €2.7bn on some two million credit cards.

At the end of 2008 consumers' card debt was as high as €3bn.