One in five can't clear xmas debts

30 November -0001

0Comments | Comment on this Article

Acording to Monetfacts.com, as many as one in four people will borrow money to fund their end of year merrymaking. Of those, one in five will not clear the debt by the end of January.

Last year, us brits spent £22 billion, in the run up to the festive season, on credit cards alone. The fgure is expected to climb, this year, as millions are still using cards with hight interest rates.`

Consumers are being urged to plan for this no, rather than worry about it later.

"With so many of us admitting we do not save for Christmas, it is inevitable that we will have to borrow the money in one form or another. Adding up the potential savings for cards and loans shows that there are hundreds of pounds to be saved by shopping around for financial products," said Samanatha Owens, Moneyfacts.co.uk credit cards and personal loans editor.

"Consumers should not take out the first personal loan or credit card they see. However, not all consumers will receive the attractive headline rate, so they should check the actual rate they are offered and whether this is still an attractive deal. With credit cards, there are numerous offers available for both balance transfers and introductory rates that offer zero per cent deals."

0Comments | Be the first to comment!