Sainsbury's: Credit card deals can help with debt management

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Sainsbury's: Credit card deals can help with debt management

Many consumers in the UK have made use of credit cards that offer zero per cent balance transfers and purchase rates in order to manage their Christmas bills effectively.

According to Sainsbury's Bank, zero per cent credit card deals can help most people to keep new year debt "under control" and enable them to clear bills quickly and easily.

Donald Macleod, Sainsbury's Bank head of cards, claims that nearly two in three Brits expect to clear their Christmas debt by the end of the month, indicating that it is not a "massive problem" for most people.

"Bearing in mind that it's the busiest time of the year, two thirds of people have their debt all cleared by the end of the month," he stated. "I don't view that as disastrous… In the main, it sounds like everybody's got it pretty much under control."

Sainsbury's Bank estimates that 18 per cent of spending over the Christmas period in the UK was put on credit cards, with 61 per cent of consumers planning to pay off bills by the end of January, 15 per cent over two to three months, three per cent over seven to 12 months and one per cent over more than a year.
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