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Video transcript
Millions of people across the UK are facing credit card debts that they have had for years.This is the conclusion of new research from a well known comparison site into Credit Cards, which showed 6.7 million people have had ongoing credit card balances for more than three years.
Meanwhile, one in ten has had these debts for five years or more.
They stated that credit cards can be a useful tool to manage finances effectively, but they should not be relied upon month after month.
The dangers can lie in relying on credit cards to pay for everyday essentials, as this is a situation that can quickly spiral out of control.
Overall, the go compare research showed that people in London were the most likely to hold longstanding credit card debts, with two fifths of Londoners holding balances on one or more cards.
They were also the most likely to hold balances for a significant period of time, with 16 per cent having had persistent outstanding balances for more than five years.
Across the full breadth of the UK, the reasons given by people for having long standing borrowings included: only having enough money to make the minimum payments each month, and a need to rely on credit cards to tide them over until pay day.
The issue of debt therefore remains a significant concern for many people, with one in ten Brits stating credit card and other unsecured debt has become their biggest financial worry.
However, individuals hoping to free themselves from the stress of persistent borrowing can do something about it, with debt consolidation an option they might like to consider amongst others.
This process can help by bringing together several borrowings into a more manageable, single monthly payment. Turning to family may be another way to help reduce debt worries and is worth pursuing first as it may be the cheapest option overall, similarly lifestyle adjustments may be enough for some people to sort their cash flow.
Anyone hoping to make use of debt consolidation should to speak to a qualified finance professional, as they can help to talk you through the best course of action for your own unique circumstances from their solutions and help you to understand the risks involved.
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