Millions worried about credit-card debt going into the new year

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Nearly nine in every 10 Brits who will start the new year with credit-card debts expect to be carrying that debt for more than two months – and nearly half expect still to be paying off their bills in a year’s time.
On average, people carrying their balances over expect to be paying them off for nearly a year and a half, with two thirds of these borrowers concerned about their levels of debt.
Particularly worryingly, more than one in every 20 people with outstanding balances cannot imagine ever being free of debt.
It is thought that the average balance being carried forward into 2016 is approaching £2,500.
“At this time of the year, money worries are weighing heavily on a lot of people’s minds,” says Nicolas Frankcom, of Uswitch, which commissioned the research.
“Overspending during the festive period will leave many with a financial hangover, but they cannot afford to stick their heads in the sand.
“By taking a quick look at their finances, consumers could save a considerable amount of money – and start taking steps to get back into the black.”
He adds: “Balance-transfer cards with an interest-free period could be a lifeline for those needing some breathing space from debt.
“Those looking to transfer should do their research to find the right card by looking carefully at any transfer fees, not just the length of the 0% offer.”

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