Warning as shocking number of people 'struggling to clear their credit card balance in full' revealed
manchestereveningnews.co.ukA shocking number of people are struggling to clear their credit card balance in full, a survey has found. Two-fifths (42%) of credit-card holders have struggled to repay their balances in full in the previous six months, it has been said.
More than a third (35%) of these people said this was because of the rising cost of everyday expenses, such as food and fuel, while 33% cited the need to prioritise other household bills such as energy and rent, Compare the Market found.
Others said they had borrowed more than they could afford to pay off (21%) or that the interest rate on their card had increased (20%).
Of those who own a credit card, six in 10 (59%) said they are confident in their ability to be accepted for a future credit card application. READ MORE: Incredible pictures show new M62 railway bridge being installed One in six (16%), however, said they have had their application for a new credit card declined in the past six months.
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