UK Money News
23rd January 2008
Most Brits have Christmas debts 'under control'
A majority of consumers around the UK have their Christmas-related debts under control despite relying heavily on credit to fund their expenditure last month, it has been claimed.
Millions of Britons are facing serious trouble with debt, but Donald Macleod, a personal finance expert from Sainsbury's Bank, has insisted that around 60 per cent of people expect to have cleared their credit card borrowings before the end of January.
In fact, Mr Macleod has suggested that the trouble with money that many credit consumers are facing does not amount to a "massive problem", particularly in light of the fact that the Christmas period is commonly regarded as the most difficult time in terms of personal finances.
"[Most people] are quite comfortable that they'll clear all of their debt by next Christmas," he said.
"What they're doing is taking advantage of credit cards with zero per cent balance transfers or zero per cent purchase rates."
Sainsbury's Bank has estimated that around 18 per cent of all spending carried out in the UK over the Christmas period was funded by credit card debt.
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