Three in ten credit card users `won`t repay debt for six months`

12 November 2009

Almost a third (31%) of credit card users don`t plan to repay their outstanding credit card debt in the next six months, according to a new survey.

Moneysupermarket.com, who carried out the research, warned that not repaying credit card balances in good time could mean borrowers pay a significant amount of interest.

The company found that credit card users between the ages of 20 and 29 were the least likely to repay their debts promptly.

A debt expert for Think Money said that leaving credit card debts unpaid for a long time could greatly increase the risk of the debts becoming unmanageable.

"Credit cards often have a higher interest rate than many other forms of credit, so debts can grow quite quickly if they`re not repaid in time.

"Some people are well aware of this, but prepared to pay this additional interest if it means each of their monthly payments is lower and more manageable, while others may be simply unable to repay their debt, in which case the interest could be a real problem. Anyone in that situation should contact a debt adviser as soon as they can."

Tags: credit cards, debt, money supermarket

Our initial advice on your best financial solution is free. Fees payable when continuing service is provided. Calls may be recorded for training and quality purposes.