Credit card users wise up to debt risk

A growing number of credit card users are becoming wise to the perils of racking up big debts.

With recent research showing that the average Brit spent a whopping £397 on Christmas presents last year, and that 76 per cent plan to spend even more this year, concerns about debt have been growing.

However, a new survey published this week shows that one in four shoppers are determined not to let the debt build up on their plastic.

The research was carried out by debt counselling service Thomas Charles.

Director James Falla told savespendborrow.co.uk: “People are starting to think: ‘what am I going to do when it comes to paying this back?’”

“They are being told that their houses aren’t rising quite so quickly in value, and I think those things are actually starting to filter through to the general public and they are thinking: ‘If I go on spending as I am, maybe I’m not going to be able to sweep it under the carpet by remortgaging, like I did before’.”

Nevertheless, while this is a positive sign, warnings were sounded earlier this week by Callcredit, which claimed that a large number of people in debt are “in denial” about their own responsibility for it.

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