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Credit card debt `to last for over 30 years`

05/09/2008

Consumers who opt to pay off the minimum amount of credit card debt each month could be repaying their balance until August 2039.

This is the finding of research conducted by uSwitch.com, which suggested that 3.4 million consumers in the UK could take up to 31 years to clear the average balance of £1,384.

According to the organisation, the standard repayment has fallen from 2.65 per cent to 2.54 per cent over the last 12 months, as consumers are hit with increasing pressures on their personal finances.

"With the cost of living on the up and people being forced to tighten their purse strings, consumers will be more tempted to just make the minimum repayment on their credit cards and spend the cash on more pressing bills," stated Simeon Linstead, head of personal finance at uSwitch.com.

Recently, Keith Haggart, director of lifetime mortgages at Prudential, said that consumers - including those facing high level debts - are growing increasingly concerned over the impact of inflation on their finances.

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