Credit Card And Finance News

Students who are looking to clear their New Year debt may be interested to hear that making good use of zero per cent credit cards can allow users to pay off their Christmas debt by the end of the month, according to Sainsbury's Bank.

The bank has said that people are increasingly taking advantage of offers on credit cards in order to wipe out their debt.

Donald Macleod, head of cards at Sainsbury's Bank, said: "In the main, [most people] are quite comfortable that they'll clear all of their debt by next Christmas. What they're doing is taking advantage of credit cards with zero per cent balance transfers or zero per cent purchase rates for x number of months, and using that to manage their Christmas spend."

He added that in the main it sounds like "everybody's got it pretty much under control".

Clearing the debt is not a major problem for people as two thirds of them have brought their debt back under control at the busiest time of the year, according to Sainsbury's Bank.

Research from Sainsbury's has revealed that 18 per cent of all Christmas spending was put on credit cards and 61 per cent of people expected to take one month to clear all of their debt.

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