Over two months to clear Xmas debts

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Over two months to clear Xmas debts

Mon 4th Dec 2006

Paying off debts associated with Christmas, such as purchasing presents, food and decorations, is taking over two months to settle on average, according to MoneyExpert.com.

Research has discovered that it took an average of 2.6 months for credit card customers to clear their debts run up over the festive period last year.

A total of £11.4 billion is estimated to be spent on plastic cards this Christmas, says the UK payment association Apacs and in excess of four million credit card customers have been found to still be paying off last Christmas' debt.

Sean Gardner, chief executive of MoneyExpert.com, commented: "Christmas is a time for giving and it looks we are definitely giving our credit cards a battering over the festive season."

"It is tempting to put spending on your plastic when it comes to Christmas and the bills are mounting up. Of course everybody intends to clear the debt as soon as possible but it is evident that millions of us don't," he added.

Spending on cards, cash and cheques during December is expected to reach a total of £51.6 billion, according to Apacs.

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