How did you pay for Christmas?
A whopping £2bn was put on credit cards to pay for basics like food and drink last December, according to the latest figures. Total credit card debt increased by £300 million last year to £56.1 billion.
The Association of Payment Clearing Services (Apacs) reveals that the UK’s 31.5 million credit card holders spent £32.3 billion in the last three months of 2007 – the second-highest sum on record.
No wonder, amid all the talk of a credit crunch and Egg’s infamous decision to ditch so-called “high-risk” customers, debt counsellors are getting increasingly worried about the financial state we are getting ourselves in.
Debt charities are reporting their own set of record numbers – calls from people worried about their finances since mid-January, when Christmas credit card bills started to arrive.