Credit card users in the UK have been urged to clear their debts as soon as they possibly can.
According to the Consumer Credit Counselling Service (CCCS), people with large amounts of outstanding credit card debts need to be paying off more than the minimum amounts required if they hope to become debt free.
Unless credit card users are prepared to pay back sizable sums to their lenders, it is likely that their debt management problems will linger for an extended period, the organisation suggests.
“If you just pay back the minimum amount, say you spent £500, you will probably find you still owe about £460 next year, even though you will have paid out over £100,” explained Frances Walker, a spokesperson for the CCCS.
A recent report from the Post Office suggested that more of the UK’s borrowers are dependant on their credit cards to fund everyday expenditure than was the case a year ago.