Card debt to continue this year
March 3, 2011
Over the course of this year many people will continue to experience the misery of credit card debt hanging over them according to a study carried out by the comparison site gocompare.com. Many people are struggling with credit card debt, having become more reliant on these cards over the past few years because of the global financial crisis and the recession.
Officials have said that many people that will be carrying credit card debt over the course of this year will still be paying off the debt that they accrued over the Christmas period in 2010. It is thought that around 22 percent of credit card holders will be carrying debt over the course of this year, and 7 percent will carry debt accrued last Christmas past June of this year.
The level of credit card debt in the country now stands at around £61 billion, with many people finding it difficult to repay high levels of credit card debt. There are also 10 percent of credit card users that have never changed their credit card provider according to research. Separate reports have shown that around 10 percent of Brits are in the red with their overdraft, and this is especially true of those aged between twenty and twenty nine.
For those that are struggling with their credit card debt it is advisable to switch the debt to a low interest or interest free credit card. This can help to reduce the amount of interest paid on the debt and increase the speed with which it is repaid.
Tags: level, way, com, high interest rate, free credit card, comparison site gocompare.comOne official said: “Transferring a balance from a card with a high interest rate could be an excellent way to kick start getting rid of your credit card debt for good.”