Christmas spending can mean debt problems
Published On 11 December 2006
Christmas spending on credit cards can spell the way for long term debt problems, according to new research.Cardholders who spend on credit this December could be faced with built up debt lasting until around 2017, according to the moneysupermarket survey.
The research discovered the average credit card user will spend around £360 on their cards this Christmas.
The report advises that shoppers who plan to use credit over Christmas take up one on the 43 nought per cent interest offers available in the marketplace.
Robert Kenley, moneysupermarket spokesman, said: "To avoid a ten year Christmas financial hangover, Brits should make some fiscal New Year's resolutions.
"Firstly, they should try to transfer existing debt to a zero per cent balance transfer card, and secondly ensure they pay off this Christmas' spending before they start on next year's.
"The key benefit of a zero per cent deal is that all of the monthly repayment goes towards clearing the outstanding balance and therefore the debt can be cleared much quicker."
