Credit card customers are struggling to pay off debts from last Christmas even as they spend on this year’s festivities, new research has found.
A study by price comparison website MoneyExpert.com has revealed over 4.5 million people have still not cleared the balance on their credit card – a total of ten per cent of adults.
However, the research also revealed that half of credit card using adults managed to either avoid falling into debt last Christmas or pay off what they owed within one month, while nine per cent took between two and five months to clear their spending.
Chief executive of MoneyExpert.com Sean Gardner urged those in credit card debt to take action.
“Hopefully the realisation that another year has rolled round will encourage card users to restructure their repayments and start clearing their debts,” he remarked.
New measures agreed by credit card firms and the government that include a ban on credit firms raising their charges at short notice will benefit those struggling with debt, consumer affairs minister Gareth Thomas stated recently.
By Tom Musk