Monday 16th of March 2009
Credit card holders are facing billions of pounds in interest charges each year, research has found.
According to a study by Abbey, 69 per cent of the UK’s adults currently hold this form of finance.
And they could be facing debt management problems unnecessarily, as the bank revealed that cards are costing over £9 billion in annual interest.
The average owed by men on a credit card is £3,627, while women typically have a balance of £2,778.
The survey also showed that Londoners are most likely to need debt help, as the average outstanding balance is £3,649 - the highest of all the regions.
More Than Legal Services recently launched a new set of tools to aid those facing financial difficulty, including an example statement that can be adapted and used to keep track of debts by recording income and expenditure.
- Debt consolidation loans falling, figures show
- Britons 'changing attitudes' towards debt management
- Homeowners 'more concerned with debt management'
- Low interest rate 'contributing to debt management efforts'
- Debt management growing in importance, survey finds
- 'Rising challenge' for student debt management
