Brits urged to clear Christmas spending soon

Posted 2008-01-15

Only 61 per cent of Britons expect to clear their Christmas expenditure in one month, according to Sainsburys Finance.

Research from the firm found that around 438,000 didnt expect to clear their debts for over a year, while 4.84 million people ? some 12 per cent ? admitted they had no idea when their debt would be paid off.

And females appeared to be the worst when it came to paying off their debts, as 71 per cent of the 438,000 were women.

And Donald MacLeod, head of cards at Sainsburys, admitted that much of this debt is held on credit cards.

He said: “We estimate that around 18 per cent of Christmas spending was placed on credit cards.

“Our research indicates that around 8.6 million people intended to put half or more of their festive spending on cards.”

He advised those with debts on cards to consider spreading the cost and even transferring their balance to a new credit card with zero per cent interest.

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