With a ten per cent rise in the amount of credit card transfers being sought in July compared to June, the Debt Counsellors organisation is urging people to pay off their credit card bills.
“There is a ‘want now, pay later’ culture in the UK and a lot of people overspend on their plastic and just pay the minimum amount every month,” said John Porter, a senior counsellor with the organisation
“But this way interest keeps adding to the overall debt and they’re back where they started, or worse off.”
His findings come as Moneyextra states that the average balance transfer in July was £2,933, a 10.6 per cent rise on the previous month and the highest figure for six months.
However, Mr Porter fears that leaving debt hanging on could lead to it catching up and drive people into insolvency or even bankruptcy.
“Anyone who owes money on credit cards should think seriously about credit card debt elimination and get advice on the best ways of reducing and, ultimately, clearing the debt,” added Mr Porter.