According to Sainsbury ’s Bank, British people have got their festive debt level ‘pretty much under control.’ The news followed a recent story that indicated some 61 per cent of consumers who piled up debt over Christmas would have cleared their balance by January. Apparently, 0 per cent credit cards have had a role to play in helping the nation deal with Christmas debt .
Christmas is always a time of overspend, in which millions of consumers around the country fall into debt. However, Donald Macleod, the head of credit cards at Sainsbury’s Bank warned that one per cent of people would take over a year to wipe out their festive borrowing.
Macleod reportedly commented: "What they're doing is taking advantage of credit cards with zero per cent balance transfers or zero per cent purchase rates for x number of months, and using that to manage their Christmas spend."
0 per cent credit cards helping Christmas debt strugglers
Credit Card Quote Line
0845 108 0505
0 per cent credit cards helping Christmas debt strugglers
Thu, 24 Jan 2008
Recommended links
Compare credit cardsTop credit card results
0 per cent balance transfer credit cards
0 per cent purchases credit cards
Debit cards more popular than credit cards
Consumers claim to be savvy shoppers
| credit Card news |
|---|
| Growing credit card demand from small companies - Thu, 03 Jul 2008 |
| Criminals make credit cards - Thu, 26 Jun 2008 |
| Being rejected for a credit card can damage credit rating - Tue, 24 Jun 2008 |
| More News |