People ‘failing to clear credit card debt’

Many borrowers have failed to transfer their credit card debt to a zero per cent introductory offer as they intended, new figures have revealed.

Research from Abbey Credit Cards has found that two-thirds of Britons who had resolved to switch cards as part of a debt management plan in 2009 have not yet done so.

It also showed that 45 per cent of Brits have cleared less than one-third of the debt they accumulated over Christmas.

More than half (56 per cent) had used a credit card to fund festive purchases, it noted.

Callum Gibson, head of credit cards at Abbey, said: “New Year’s resolutions have a habit of falling by the wayside by the start of February but it’s not too late for people to follow up on plans to better manage their finances in 2009.”

Meanwhile, Kerry D’Souza, a fraud expert for CPP, has urged credit card users to be more vigilant to help fight identity theft.

By Jamie Price


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