Friday 2nd November 2007
A quarter of Britons will be ditching the credit cards this Christmas, in favour of trying to repay their debts, a new survey has shown.
Debt consultancy Thomas Charles found that around 15 per cent of the population were in serious debt, owing over £10,000, but their survey also showed that many people are trying to get themselves out of debt, with one in four saying that they would be steering clear of the credit card this festive season.
One in ten were also planning to take on a second job or increase their salary to help clear their debts, while eight per cent said they would be trying not to make any big purchases on their credit card over the next year.
James Falla, managing director of Thomas Charles, said: "Interest rate rises and subsequent mortgage hikes mean that people have been relying on credit for their everyday expenditure - credit which they can often ill afford.
"These results show that Britons are finally making positive steps towards confronting the amount of debt they are carrying. This is good news for the man on the street, but may signify bad news for retailers who have come to rely upon the vast amounts of credit spent at Christmas time.
"There is still a massive debt mountain for Britain to climb, but this report signifies that the bad news about debt is finally sinking in."
|
Credit cards
A recent report by BDO Stoy Hayward has revealed that true extent of rising business fraud across the UK. The study has shown an alarming 74% rise over the last six months and signs that worse is... 
.gif)
