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Many will not repay credit card debt for six months

Thu, 12 Nov 2009

As many as thirty per cent of credit card borrowers will not plan to repay their outstanding credit card debt over the next six months, a new survey found. Moneysupermarket.com indicated the borrower intentions, and warned that not paying off credit cards can leave borrowers paying a lot of interest.

Credit card customers aged between 20 and 29 were the least likely to repay their credit card debt . Leaving credit card debt unpaid may increase the risk of debts getting out of control.

One Think Money expert was reported as commenting: "Credit cards often have a higher interest rate than many other forms of credit, so debts can grow quite quickly if they`re not repaid in time. Some people are well aware of this, but prepared to pay this additional interest if it means each of their monthly payments is lower and more manageable, while others may be simply unable to repay their debt, in which case the interest could be a real problem. Anyone in that situation should contact a debt adviser as soon as they can."
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