Northern cities ‘worst for paying off credit card debt’
Liverpool, Newcastle and Glasgow have the greatest number of people carrying over credit card debt per month, according to new research.
A new survey from CDMS found that there is a regional disparity in terms of people who save regularly and those who merely pay off the interest on their credit card debts each month.
While people in Norwich, Nottingham and London were best at paying off their debts, relatively few of those in northern metropolitans, including Manchester and Glasgow, were able to do the same or to save more than two per cent of their income.
Ian Hubbard of CDMS said: “This analysis shows a stark contrast between usage of rolling credit card debt in the more northern parts of the UK, compared with the southern swathe.
“In Scotland, the Edinburgh consumer uses rolling credit substantially less than in Glasgow.”
The news comes as Peter Spencer of the Item Club warns that people in Britain have been borrowing beyond their means.
Consumers with outstanding debt to numerous creditors may consider seeking a debt consolidation loan, which can reduce the level of monthly outgoings.
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