- Wednesday, 13 January 2010Debt management plans may be needed by the large number of UK consumers facing an average of £458 in Christmas-fuelled debt.
New research from personal finance organisation Saga states that more people used their credit cards to fund Christmas, and will typically take three months (90 days) to pay off any subsequent debt - over a month longer than ten years ago.
Only 24 per cent of people surveyed planned to pay back their Christmas debts immediately, compared with 44 per cent a decade ago.
Saga Group executive chairman Andrew Goodsell said it was now "more important than ever" to use the right card when out shopping to avoid unnecessary bills.
"Too many cards charge too much and operate an unfair order of payments that benefits the card provider over their customers," he said.
Nationwide Building Society recently revealed statistics indicating that two-thirds of consumers are unaware of the order in which debts are repaid on their credit cards, risking the build up of uncontrolled debts.
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