Card users 'not clearing Christmas debt'
Card users 'not clearing Christmas debt'
Thursday 5th February 2009
Research from Abbey Credit Cards shows that 56 per cent of British people used a credit card to pay for festive expenses, but only 55 per cent of those borrowers had cleared their debts in full by February.
Of the remaining 45 per cent, half have paid off less than a third of their outstanding balance.
Despite the findings, head of credit cards at Abbey Callum Gibson urged people not to give up on new year's resolutions to handle their finances more effectively.
"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," he commented.
A recent article in the Observer advised credit card borrowers to pay off as much of their balance as possible each month, claiming that such an approach can prevent "sleepless nights worrying about your debt".
News article brought to you by Debt1 - UK debt management specialists.
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