Many `will get into debt to fund day-to-day living`

By Matthew Plant – Financial specialist

New research has suggested that over 12 million adults intend to use their credit cards to fund day-to-day purchases this month.

In its third annual Consumer Credit Report, the Post Office said that this was an 8% increase on the same period last year.

The report added that many people who were paid early before Christmas could find themselves struggling to get by until January payday, and many would get into debt as a result.

A debt expert at Think Money said: "Credit cards can be a convenient way of spending, but should only be used if the borrower knows how they will repay the debt. Spending on credit cards without thinking about how they`ll repay the debt could lead to problems later on.

"We would advise people to avoid getting into debt where possible, and those who do find themselves with debts that they are struggling to pay back should seek expert debt advice immediately."

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Tags: debt, fund, living, day to day living, Consumer Credit Report, Post Office, Christmas

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