(1888PressRelease)
November 04, 2007 - London (longdogfinance) : One-fourth of Brits will turn away from using credit cards this Christmas as they focus on repaying their unsecured loans.
According to a research from debt consultancy firm Thomas Charles, a quarter of Britons will avoid using credit cards this year since 15 per cent of adults are struggling with unsecured debts of more than £10,000.
James Falla, managing director at Thomas Charles said: “This is good news for the man on the street, but may signify bad news for retailers who have come to rely upon the vast amounts of credit spent at Christmas time.”
Even otherwise, credit cards cannot be said to be a judicious way of funding your festive expenses. These cards carry high interest rates. It is always better to go for cheap personal loans rather than spend through plastic cards.
After years of low interest rates, many Britons have amassed huge amounts of debts. The total is now touching 1.5 trillion pounds. However, now with higher interest rates and increased cost of living, record numbers of them are going bankrupt.
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