January a 'gloomy month' for indebted Brits

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January a 'gloomy month' for indebted Brits

Mon 30th Jan 2012

January has been described as a "gloomy" month for those individuals who have built up significant debts over the last year, with the consequences of their actions now sinking in.

According to research carried out by Skipton Building Society, 2011 was the Year of the Credit Card, as its figures show the average Brits spent a total of £17,000 on this form of borrowing over the last year.

Tracy Fletcher, head of corporate communications at Skipton, said: "People must not forget that any items bought on the card have to be paid for eventually."

She added that while it may seem like a quick fix in the short term, it can prove to be a nightmare later on.

The news follows comments by Phil Perry, director at Ark Financial Planning, who recently argued that indebted individuals should face their problems head on and remember to break down their borrowing to see what areas are the most expensive, and these should then be tackled first.

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