Credit card applications ‘on the increase’

A growing number of consumers are choosing to make their Christmas purchases on credit cards, new figures have revealed.

Research by MoneyExpert.com found a 16.6 per cent increase in the number of credit card applications taking place in November compared to the same time period last year as shoppers look to pay for Christmas using interest-free deals.

However, the website warned that in doing so, borrowers are risking falling into further debt, as 30 per cent of those questioned are worried about their ability to manage their finances and four per cent have seen their debts increase by more than a fifth over the last three months.

Those who find themselves in such a position may wish to draw up a debt management plan to help control their finances.

According to a recent PricewaterhouseCoopers survey, debt repayment is the top priority for consumers looking ahead to the new year.

By Tom Musk