UK Money News
15th January 2008
Many Christmas debts 'to continue into February'
Many consumers are not expected to have dealt with their Christmas debt by the end of January due to constraints on their budgets, it has been claimed.
According to new research from personal finance provider Sainsbury's Bank, more than six in ten shoppers will not have cleared festive debts one month after the event.
Meanwhile, almost half a million people expect the trouble with debt to continue for more than a year - and more than seven in ten (71 per cent) of these consumers are women.
Donald MacLeod, head of cards at Sainsbury's, said: "We estimate that around 18 per cent of Christmas spending was placed on credit cards.
"Our research indicates that around 8.6 million people intended to put half or more of their festive spending on cards."
He added that those unable to repay the help with money accrued on credit cards in a single month might consider transferring debts to a zero per cent deal.
According to recent money news from the personal finance organisation, as much as £1.5 million was spent every minute in 2007's Christmas Eve rush.
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