credit-cards-advisor/brits-raid-savings-to-pay-off-credit-cards

Credit Card Offers Made Easy

Your Step by Step Credit Card Guide

Brits raid savings to pay off credit cards

Written by Tim Peak on August 25, 2011.

According to recent reports there are many borrowers in Britain who are now raiding their savings accounts in a bid to try and clear some of their credit card debt. Many struggling consumers are now so overstretched with their finances that they are having to dip into savings, often money that has been put aside for emergencies, to try and clear credit card debt that has accrued over the past couple of years in order to try and lighten the burden of debt.

It is thought that nearly five million people have managed to get out of credit card debt in the past twelve months, many of whom have raided their savings in order to repay the debt. Consumers have dipped into their savings by an average 5 percent in order to clear credit cards, with many realising that they are better off paying off high interest debt with their savings rather than keeping money in savings accounts where it is earning little to nothing in interest.

Many others have had to cut back on their spending in a bid to try and put more cash towards repayment of their credit cards, which has proven very difficult given the soaring cost of living and the frozen wages that many have had to cope with over the past couple of years. The survey was carried out by Dutch-owned bank ING Direct, which found that average debt on credit cards and loans had fallen to an 18 month low.

One credit card holder said: “I’ve had to rely on cutting back wherever possible in order to try and clear my credit card debt and overdraft because I can’t handle the interest payments anymore and don’t have good enough credit to get a 0 percent balance transfer card.”

Similar Posts:

Share

Post Comment

  • Home
  • Contacts
  • SiteMap
  • Credit Card Offers Made Easy

    Your Step by Step Credit Card Guide

    Credit Card Offers Made Easy

    Your Step by Step Credit Card Guide

    Credit Card Offers Made Easy

    Your Step by Step Credit Card Guide

    Credit Card Offers Made Easy

    Your Step by Step Credit Card Guide

    Subscribe via RSS

    Brits raid savings to pay off credit cards

    Written by Tim Peak on August 25, 2011.

    According to recent reports there are many borrowers in Britain who are now raiding their savings accounts in a bid to try and clear some of their credit card debt. Many struggling consumers are now so overstretched with their finances that they are having to dip into savings, often money that has been put aside for emergencies, to try and clear credit card debt that has accrued over the past couple of years in order to try and lighten the burden of debt.

    It is thought that nearly five million people have managed to get out of credit card debt in the past twelve months, many of whom have raided their savings in order to repay the debt. Consumers have dipped into their savings by an average 5 percent in order to clear credit cards, with many realising that they are better off paying off high interest debt with their savings rather than keeping money in savings accounts where it is earning little to nothing in interest.

    Many others have had to cut back on their spending in a bid to try and put more cash towards repayment of their credit cards, which has proven very difficult given the soaring cost of living and the frozen wages that many have had to cope with over the past couple of years. The survey was carried out by Dutch-owned bank ING Direct, which found that average debt on credit cards and loans had fallen to an 18 month low.

    One credit card holder said: “I’ve had to rely on cutting back wherever possible in order to try and clear my credit card debt and overdraft because I can’t handle the interest payments anymore and don’t have good enough credit to get a 0 percent balance transfer card.”

    Similar Posts:

    Share

    Post Comment

    Brits raid savings to pay off credit cards

    Written by Tim Peak on August 25, 2011.

    According to recent reports there are many borrowers in Britain who are now raiding their savings accounts in a bid to try and clear some of their credit card debt. Many struggling consumers are now so overstretched with their finances that they are having to dip into savings, often money that has been put aside for emergencies, to try and clear credit card debt that has accrued over the past couple of years in order to try and lighten the burden of debt.

    It is thought that nearly five million people have managed to get out of credit card debt in the past twelve months, many of whom have raided their savings in order to repay the debt. Consumers have dipped into their savings by an average 5 percent in order to clear credit cards, with many realising that they are better off paying off high interest debt with their savings rather than keeping money in savings accounts where it is earning little to nothing in interest.

    Many others have had to cut back on their spending in a bid to try and put more cash towards repayment of their credit cards, which has proven very difficult given the soaring cost of living and the frozen wages that many have had to cope with over the past couple of years. The survey was carried out by Dutch-owned bank ING Direct, which found that average debt on credit cards and loans had fallen to an 18 month low.

    One credit card holder said: “I’ve had to rely on cutting back wherever possible in order to try and clear my credit card debt and overdraft because I can’t handle the interest payments anymore and don’t have good enough credit to get a 0 percent balance transfer card.”

    Similar Posts:

    Share

    Post Comment

    Brits raid savings to pay off credit cards

    Written by Tim Peak on August 25, 2011.

    According to recent reports there are many borrowers in Britain who are now raiding their savings accounts in a bid to try and clear some of their credit card debt. Many struggling consumers are now so overstretched with their finances that they are having to dip into savings, often money that has been put aside for emergencies, to try and clear credit card debt that has accrued over the past couple of years in order to try and lighten the burden of debt.

    It is thought that nearly five million people have managed to get out of credit card debt in the past twelve months, many of whom have raided their savings in order to repay the debt. Consumers have dipped into their savings by an average 5 percent in order to clear credit cards, with many realising that they are better off paying off high interest debt with their savings rather than keeping money in savings accounts where it is earning little to nothing in interest.

    Many others have had to cut back on their spending in a bid to try and put more cash towards repayment of their credit cards, which has proven very difficult given the soaring cost of living and the frozen wages that many have had to cope with over the past couple of years. The survey was carried out by Dutch-owned bank ING Direct, which found that average debt on credit cards and loans had fallen to an 18 month low.

    One credit card holder said: “I’ve had to rely on cutting back wherever possible in order to try and clear my credit card debt and overdraft because I can’t handle the interest payments anymore and don’t have good enough credit to get a 0 percent balance transfer card.”

    Similar Posts:

    Share

    Post Comment

    Brits raid savings to pay off credit cards

    Written by Tim Peak on August 25, 2011.

    Brits raid savings to pay off credit cards

    Written by Tim Peak on August 25, 2011.

    According to recent reports there are many borrowers in Britain who are now raiding their savings accounts in a bid to try and clear some of their credit card debt. Many struggling consumers are now so overstretched with their finances that they are having to dip into savings, often money that has been put aside for emergencies, to try and clear credit card debt that has accrued over the past couple of years in order to try and lighten the burden of debt.

    It is thought that nearly five million people have managed to get out of credit card debt in the past twelve months, many of whom have raided their savings in order to repay the debt. Consumers have dipped into their savings by an average 5 percent in order to clear credit cards, with many realising that they are better off paying off high interest debt with their savings rather than keeping money in savings accounts where it is earning little to nothing in interest.

    Many others have had to cut back on their spending in a bid to try and put more cash towards repayment of their credit cards, which has proven very difficult given the soaring cost of living and the frozen wages that many have had to cope with over the past couple of years. The survey was carried out by Dutch-owned bank ING Direct, which found that average debt on credit cards and loans had fallen to an 18 month low.

    One credit card holder said: “I’ve had to rely on cutting back wherever possible in order to try and clear my credit card debt and overdraft because I can’t handle the interest payments anymore and don’t have good enough credit to get a 0 percent balance transfer card.”

    Similar Posts:

    Share

    According to recent reports there are many borrowers in Britain who are now raiding their savings accounts in a bid to try and clear some of their credit card debt. Many struggling consumers are now so overstretched with their finances that they are having to dip into savings, often money that has been put aside for emergencies, to try and clear credit card debt that has accrued over the past couple of years in order to try and lighten the burden of debt.

    It is thought that nearly five million people have managed to get out of credit card debt in the past twelve months, many of whom have raided their savings in order to repay the debt. Consumers have dipped into their savings by an average 5 percent in order to clear credit cards, with many realising that they are better off paying off high interest debt with their savings rather than keeping money in savings accounts where it is earning little to nothing in interest.

    Many others have had to cut back on their spending in a bid to try and put more cash towards repayment of their credit cards, which has proven very difficult given the soaring cost of living and the frozen wages that many have had to cope with over the past couple of years. The survey was carried out by Dutch-owned bank ING Direct, which found that average debt on credit cards and loans had fallen to an 18 month low.

    One credit card holder said: “I’ve had to rely on cutting back wherever possible in order to try and clear my credit card debt and overdraft because I can’t handle the interest payments anymore and don’t have good enough credit to get a 0 percent balance transfer card.”

    Similar Posts:

  • Consumer confidence wanes for third straight month
  • Credit card rates continue to rise
  • How Much Do You Owe On Your Credit Card?
  • How Balance Transfers Impact FICO Scores
  • The Debt and Stress Response
  • Share
    Share
    Share

    Tagged as: Credit, Credit Cards

    Post Comment

    Post Comment

    Post Comment

    Similar Posts

  • Consumer confidence wanes for third straight month
  • Credit card rates continue to rise
  • How Much Do You Owe On Your Credit Card?
  • How Balance Transfers Impact FICO Scores
  • The Debt and Stress Response
  • The Scoop on Store Credit Cards

  • Credit card delinquencies predicted to remain low in 2012
  • Archives

  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • Popular Posts

  • Don’t Leave Your Wallet in an Unlocked Car
  • Citi Secured Credit Card Review
  • What is the Discover card’s grace period?
  • Why You Shouldn’t Co-Sign
  • Catholic Syrian Bank launches support line
  • Are Credit Cards For Minors a Bad Idea?
  • Best credit card providers named as AMEX and M&S
  • Life After Debt
  • Categories

  • Credit Card News
  • Credit Card Tips
  • Credit Cards Advisor
  • Credit Zone
  • Tag cloud

    Advice from our Experts



    Advice from our Experts





    © All Rights Reserved. Credit Card Offers Made Easy

    Leave a Reply

    Your email address will not be published. Required fields are marked *