This is Money
18 January 2005

12 weeks to pay off Christmas debt

MORE than six million shoppers fear it will take them up to three months to pay for Christmas. A further 168,000 say credit card debts built up buying gifts for the holiday will take them the whole year to wipe out.
The findings, in a survey for Sainsbury's Bank, suggest millions are feeling the pinch from higher interest rates and rising mortgage bills.
The figures emerged on the day debt counselling services said they were receiving record numbers of calls from consumers who claim to be facing financial disaster.
Debt Free Direct, an independent advice line, said it received 275% more calls per day in December than a year before.
Calls are running at almost double the rate of last January after Britons set a record by borrowing 1trillion last year.
Debt Free Direct's chief executive Andrew Redmond warned: 'Credit card bills for December are still landing on mats.'
Accountants Grant Thornton say average credit card debt is running at almost 2,300 per household, with the highest figure in London at 2,861.


I hope you find this useful ?