Many people will have cleared their cards by end of Jan
January 30, 2008
According to a recent survey carried out by Sainsbury’s Bank the majority of consumers that used their credit cards to put Christmas spending on the plastic will actually repay their balance in full by the end of January, which could save many of these people a fortune in interest. Of those surveyed around 61% stated that they planned to clear their balance in full at the end of the month.
It is estimated that credit cardholders were putting around £1.5 million a minute on their cards on Christmas Eve along, with many purchasing last minute gifts and items for Christmas. In previous surveys carried out after the Christmas period a number of cardholders had expressed concern over the arrival of their credit card statements, as some had lost track of how much they had spent and others were sure that they had overspent and exceeded their budget.
In this recent survey a further 15% of cardholders said that clearing their credit card balanced was likely to take several months, and 1% thought that it was take them longer than a year to clear the balance. Experts state that if these people are paying a high level of interest on their credit card balance it could be worth considering switching to a more suitable card, such as an interest free balance transfer card.
One official from Sainsbury’s stated that anyone that was paying high interest on their balance “should consider spreading the cost and transferring their balance to a new card that offers zero per cent APR on balance transfers so as to avoid incurring any unnecessary interest.”
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