Credit card debt will be carried throughout 2012

Tue, 24 Jan 2012

Many Britons will be carrying credit card debt throughout 2012, new research has suggested.

Commissioned by Gocompare.com, the study revealed 26 per cent of those questioned expect to owe money on their plastic this year, while nine per cent admitted they are relying on this form of payment to make ends meet.

According to the investigation, the escalating cost of living is the biggest monetary worry for Brits, with 35 per cent of respondents eager to use the next 12 months to rid themselves of debt or reduce their credit card costs or loan.

Jeremy Cryer, head of credit cards at the price comparison website, noted many individuals are turning to plastic to help ease the pain of the rising cost of living.

The industry figure pointed out: "If used carefully, plastic cards can be a useful budgeting tool, but when used to plug a gap in everyday spending, card debt can quickly spiral out of control."

Recent research from uSwitch revealed an overall drop in satisfaction among consumers regarding the services offered by credit card providers .
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