British credit card holders owe an average of £2,000 on their plastic. To clear a debt of £2,000 on a card with an interest rate of 17% will take two years assuming a monthly repayment of £100. To clear that £2,000 with a monthly payment of a more affordable £30 (at 17%) will take 17 YEARS. But people are turning to other ways of borrowing, including payday lenders, friends, family, store cards and other loans for cars - even day-to-day living costs.
Posted on: Mon, 20 Oct 2014 05:45:11 +0000
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