Debtors 'tread water' on cards
Nearly half of all credit card users have outstanding debt on their plastic but many people repay only the minimum amount each month,
Around 41 per cent of people with a credit card said they had a balance on their main card that they had owed for more than a year, according to a survey by moneysupermarket.com.
Kevin Mountford, head of banking at moneysupermarket.com, said: "Credit cards are not designed for long-term lending and anyone with an outstanding balance on their card should consider switching to a product offering 0 per cent interest on balance transfers,."
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Saturday 26 May 2012
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