More than one million bills to go unpaid in Jan

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More than one million bills to go unpaid in Jan

Excessive Christmas spending may have had an impact on people's ability to pay the bills as new research shows that in excess of one million demands for payment will not be paid in January.

Price comparison site MoneyExpert found that 1.15 million bills will most probably not be settled now until next month, ranging from credit card charges to mobile phone bills.

In addition, more than £47 million worth of credit card debt was accumulated last year it was discovered and this type of debt represents the majority of missed bills in the UK during January with 332,500 people finding themselves unable to settle the charges.

Sean Gardner, Chief Executive of MoneyExpert.com, said: "Money is always tight in January. Most of us struggle to come to terms with getting paid early in December plus heavy spending over Christmas. It's a difficult time and this can naturally lead to some people missing a bill payment."

He went on to warn people of the dangers of slipping into a cycle of not paying off bills on time, stating that interest will continue to wrack up on the debt until it is paid off.

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