Over six million UK credit card users have had an outstanding balance on their card for a year or more according to research carried out by moneysupermarket.com.
In the survey 14% of respondents stated that they have had debt on their credit card for a period of more than five years. The research also found that as many as three million people are only making the minimum repayment each month.
People only repaying the minimum amount greatly increase the length of time it takes to repay the debt and high interest rates mean that they can end up paying significantly more than they otherwise would. When using your credit card to make purchases it is always best to have a plan in place for repaying the debt. If you borrow and then simply repay as and when you can afford it you run the risk of the debt mounting up and becoming a problem.
