New Year resolutions fail as credit card debt mounts

04/02/2009

Britons are needlessly boosting their credit card debts due to their lateness in transferring to a zero per cent deal.

Figures from Abbey suggest that around 66 per cent of those who planned to perform the debt-reducing strategy as a New Year's resolution have failed to get around to doing so.

The research also showed that just over half of all Britons used a credit card to fund their festive spend.

Typically, this additional credit card debt came to £362 per person.

Callum Gibson, head of credit cards at Abbey, 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 and transfer to a credit card with a zero per cent introductory offer."

Abbey research also showed that 55 per cent of Britons cleared their Christmas credit card debt in full in January.

Tags; Debt Management and Banking, Credit Card Lifestyle,

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