MoneyExpert.com: Credit card consumers still paying for last Christmas

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MoneyExpert.com: Credit card consumers still paying for last Christmas

Many credit card customers are still paying off debts they incurred last Christmas as they new festive season approaches, according to new research by MoneyExpert.com.

According to the price comparison site, ten per cent of UK adults, some 4.5 million people, have still not paid off their credit card bills from Christmas 2007.

With a new round of present buying in full swing, MoneyExpert.com warned that consumers who had a credit card debt of £1,000 will have paid £169 in interest over the past year if their rate is a typical 16.9 per cent.

Sean Gardner, chief executive of MoneyExpert.com, said: "It's really no surprise that retailers are having a lean time when one in ten of us are still trying to pay for last Christmas."

A recent survey by HSBC showed that the majority of Brits are planning on spending the same amount this Christmas as last year.

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