Brits still feeling financial hangover
Published On 4 December 2006
New research indicates that around 4.2 million credit card holders in Britain are still paying last year's Christmas debts, pointing to a market for debt consolidation.The figures from MoneyExpert.com indicate that around one in eight Britons still has debts that were accrued during the run up to Christmas 2005.
The average time taken to clear last Christmas' credit card debts was 2.6 months, although 17 per cent of people paid off their spending within a month.
Sean Gardner, chief executive at MoneyExpert.com, remarked: "Christmas is a time for giving and it looks we are definitely giving our credit cards a battering over the festive season.
"With more than four million of us still paying for last Christmas it is clear that there is a need for many of us to change our financial habits. Getting into debt is fine as long as you have the means to get out of it."
It is anticipated that some £11.4 billion will be put on plastic this Christmas.
