Wednesday, 12 January 2011

January Credit Card Crunch

January 2011, and we’re all recovering from the Christmas spend. Credit card bills are now hitting us, and for some, it’s a difficult time. Many are already stretched financially. So a good time to start taking control, and making a fresh start with our financial planning.

A survey, in March 2010 by Confused.com, into credit card debt showed that Camberley, at £2001 per resident, had the highest in the UK. Whereas those in Dumfries in southern Scotland owe the least, with outstanding balances averaging £742.

Gemma Stanbury, head of savings, loans and debts for Confused.com has said: “Higher spending on plastic in the South could be explained by credit cards being more readily available for these residents, as they earn higher salaries. Or it could be down to the fact that residents in the South have higher mortgages, which may lead to the need to top up with more short-term lending.”

A recent survey from homelessness charity Shelter shows how people, throughout the country, constantly struggling with their housing costs are being forced to use their credit cards in order to keep a roof over their head, an increase of almost 50 percent in a year. The survey indicated a UK total of over two million people.

The charity is now warning that many of these people could be starting the New Year with the threat of homelessness hanging over them.

Camberley Frontline can help people with debt advice and debt management, and benefits advise. This is free of charge. For more details on Frontline, and to contact them, see the article on Debt Advice from last year. Frontlinelogo24