Sainsbury's: Credit card debt could be cleared soon

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Sainsbury's: Credit card debt could be cleared soon

Tue 15th Jan 2008

Many consumers are planning to clear debt that has been accumulated from the Christmas period by the end of January, according to Sainsbury's credit card research.

Some 61 per cent of people anticipate that they will pay off their credit card date by the end of the month, the company's research reveals.

Meanwhile, 15 per cent of respondents said that they anticipate it will take two to three months to do so - and one per cent said it should take at least one year.

Donald MacLeod, head of cards at Sainsbury's, said that approximately 18 per cent of people's Christmas spending was put on to plastic.

He added that those who are unable to clear their balances soon "should consider spreading the cost and transferring their balance to a new card that offers zero per cent APR on balance transfers so as to avoid incurring any unnecessary interest".

Previous research by Sainsbury's Credit Cards stated that UK consumers could spend as much as £1.5 million per minute buying presents on Christmas Eve.

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