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Britons take three months to clear Christmas debts

13/01/2010

Research by over-50s group Saga found that after spending an average of £435 on Christmas presents, British credit card holders are taking an average of 90 days to repay the debt they built up over Christmas - 33 days longer than it would have taken them a decade ago, the Telegraph reports.

It was found that `younger people are less debt savvy` - with one in five under-50s admitting they were still repaying the debt they took on over Christmas 2008. However, those aged over 50 were `much wiser` when it came to credit card debts, with a third of card holders planning to repay their debts straight away.

Head of Communications at Saga, Paul Green, commented: "It is a shocking indictment of the nation`s economy that so many people are left struggling to cope with so much debt."

Peter Harrison, credit cards expert for Moneysupermarket.com, said: "In these uncertain times, when unemployment is rising, households don`t have the disposable income to pay off their Christmas debt and are now facing the impact of repaying it."

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More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according