‘Cut’ Credit Card Debt
Posted on 17 December, 2010 at 20:40 by Peter Kelly
Over the past year, almost two million Brits have ‘cut’ credit card debt, quite literally, by cutting up their credit cards in order to avoid getting into unaffordable debt with their credit card provider.
Apparently 6% of the £52 billion credit-card market has taken the initiative to cut up their plastic credit cards to avoid temptation and sinking into financial trouble during the credit crunch. uSwitch also believe that a further 10 million have stopped using their credit cards but keep them in case of a financial emergency.
7% of us are estimated to have between five and six unused credit cards which have a combined credit limit of £200bn.
If you are looking to cut the amount that you are paying to your credit cards each month, One Advice could help. We could be able to offer you a debt management plan which allows you to reduce the amount of debt that you need to pay on a monthly basis. Call us now for further information.