Wednesday 23rd of February 2011
Asking individual voluntary arrangement questions could be a logical next step for those who are deep in the red and failing to make their financial products work in an effective manner.
According to research from Moneysupermarket.com, people in Britain are wasting a collective £2.3 billion on an annual basis simply because they are leaving debt sitting on their existing credit card.
The investigation revealed almost half (46 per cent) of UK adults who use plastic do not pay off what they owe on the products in full - with the average debt held for ten months before finally being settled.
Head of banking at the price comparison website Kevin Mountford said: "As the nation's wallets continue to be squeezed by higher living costs, it is crucial consumers look to pay off their debt quickly and efficiently to prevent additional interest from accruing."
The findings come after recent research from Confused.com found Brits are wasting £150 million a year as a result of late credit card payment charges.
By Rachel Powell
