Credit Card Debt as 0% Deals Scarce
The amount of credit card debt could be on the rise, as Abbey reveal new statistics showing that two thirds of us who had planned to get accepted for a 0% introductory rate credit card to transfer credit card debt, failed to do so this January.
The report goes on to reveal that only a third of Brits managed to switch to this type of deal to tackle their Christmas debt. For more than half of us, the average amount of Christmas debt put on credit cards was £362, yet 45% have cleared less than a third of this debt.
Abbey’s head of credit cards, Callum Gibson, commented: “New Year’s resolutions have a habit of falling by the wayside by the start of February but it’s not too late for people to follow up on plans to better manage their finances in 2009.”