Millions turning to plastic in 2008
Published On 11 January 2008
A considerable number of Britons will admit they will be reliant on their credit cards during 2008 as they struggle to repay Christmas debts.Research from the Post Office found that 41 per cent of credit card holders will be using their plastic to make normal household purchases, such as food shopping.
What's more, some 28 per cent confess they are planning on using their card to make larger purchases, such as a holiday or car.
"Typically January is the time of year when people struggle with their money the most. Many people have over-stretched themselves over the Christmas period and have little choice but to use their credit card in the new year," said Gary Fitton from the Post Office.
"But with some credit and store cards charging as much as 29.9 per cent APR - it's crucial to find the right deal."
He added that a zero per cent deal on balance transfers could suit people paying off Christmas debts as they will not incur more interest while repaying the main loan.
A recent study from Moneysupermarket revealed that 5.5 million people missed bill payments over the course of last year.
