Brits face mammoth credit card 'debt sentence'
Brits face mammoth credit card 'debt sentence'
Thursday 4th September 2008
Research by the price comparison website reveals that it would take more than 30 years for a consumer to pay off a £1,384 credit card debt if they only met the minimum two per cent payment each month.
uSwitch.com also found that the average minimum payment has fallen by 0.11 per cent during the last 12 months, suggesting that the situation could be about to get worse.
Simeon Linstead, head of personal finance at the price comparison website, suggests that the bad credit card debt problem is getting worse.
He said: "Over the past year we have seen an increase in credit card spending, making minimum repayment levels more of a problem now than ever before.
"With the cost of living on the up and people being forced to tighten their purse strings, consumers will be more tempted to just make the minimum repayment on their credit cards and spend the cash on more pressing bills."
www.debt1.co.uk - The official website of Byrom & Keeley – A UK based debt management company.
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