UK consumers ‘failing to properly manage debts’

Consumers in the UK are failing to be savvy when it comes to looking after their debts.

Research by Nationwide Building Society found that 53 per cent of credit card holders would never consider a credit card balance transfer in an effort to bring down the amount of money they owe.

Analysis by the lender has found that people could be saving as much as £350 by going down this route, which would help them to reduce their outgoings.

This closed mindedness is ultimately hurting the finances of Britons and in the long-term such an approach may see them need debt help.

Paul Carvell, Nationwide's head of credit cards, said: "The new year can often bring with it the stress of how to manage debt racked up through Christmas-related expenditure, particularly on the credit card."

He added zero per cent balance transfers offer people the opportunity to relieve some of the pressure they are under.

By Joe White