After speaking with their customers across the UK Sainsburys Bank has found that a large number of them are planning to clear their credit card balances, or at least pay off what they spent over Christmas, in January.
Figures provided by Sainsburys Bank show that sixty-one percent of people will be paying off their cards by the end of January, with a further fifteen percent planning to have achieved the same thing within three months.
A Sainsburys Bank spokesman made a useful suggestion for people who were unable to clear their cards in the short term. It was to look at transferring their credit card balance to a new card that offered a 0 percent on balance transfers deal, thus ensuring the cost of the borrowing did not increase.