Skip to main content

Financial hangovers for nine in ten

87% of people with credit card debts from 2015 will carry an average debt of £2,400 into 2016

Our research has discovered that 87% of cardholders with debts from 2015 will begin 2016 in the red, owing an average £2,400 each.

It’s unlikely this debt will be cleared this year – on average, those with debts on their card think it will take 17 months to clear them.

Compare balance transfer credit cards

If you have debts on your credit card a 0% balance transfer card could help you save on interest charges

Compare credit cards

Never paying off debt

Nearly half expect to still be paying off 2015’s debt by December 2016 and 6% can’t imagine ever being debt free.

Worryingly, around 10% of cardholders say they expect to become more reliant on their credit card this year.

Over two thirds are “concerned” about their level of debt and one in ten feel “extremely worried”.

What you can do if you’re struggling to repay your credit card

Nicolas Frankcom, money expert at, says:

“Balance transfer cards with an interest-free period could be a lifeline for those needing some breathing space from debt. But those looking to transfer should do their research to find the right card by looking carefully at any transfer fees, not just the length of the 0% offer.

“If you can’t see a way out of your current level of debt there is help out there. Contact StepChange Debt Charity or the Money Advice Service for free and impartial advice to get your debt under control.”

It’s also sensible to check your credit report before applying for any additional credit like a balance transfer card. This should help you avoid being rejected for credit and damaging your score.

Check your credit report

Your credit report contains the information lenders see when they are deciding whether to lend to you or not.

Compare credit reports

Find a balance transfer card

Balance transfer cards are a way of consolidating your credit card debts or avoiding expensive interest rates, there are a few things to look out for, watch the video below to find out more.

Or if you already know what you’re looking for, take a look at balance transfer cards now.