1 in 10 still carrying last year’s debts
It is doubtful that many people even remember what they bought for Christmas last year, however latest figures from personal finance website MoneyExpert state that 4.5 million Britons have still not paid off their credit card debts from a year ago.1.3 million, or 15% of people aged 25 to 34 are still in debt from last Christmas, this is a 3% rise – or an additional 250,000 people – from those listed in 2007.
This Christmas, many financial figures have warned of the dangers of people falling into further debt by relying on credit cards, when they don’t know how they will pay them off in the future.
The Bank of England has stated that Britons currently have £53.1 billion worth of credit card debt, which is two and a half times the level of ten years ago, whilst the Consumer Credit Counselling Service has recorded a “noticeable upswing in the proportion of debts that come from credit cards” in the last four months.
The Citizens Advice Bureau (CAB) has also recorded that they are receiving 1,386 new enquiries each day related to credit and store card debt troubles.
CAB has said that credit card debt is the biggest single issue they face and that the Christmas only exacerbates the problem of spending.
FH Debt Solutions can help you get back in control of your debts. Our highly trained advisors are always happy to help. Our Debt Management Plans & IVAs have already helped thousands of people on their way to becoming debt free.
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