Wednesday, October 11, 2006
Category:
Consolidation
With summer fast approaching and the belt-tightening first quarter of the year slowly passing, it is estimated by Morgan Stanley Credit Card that credit card spending is set to double.
Figures are set to rise from £645 to £1,225 over the next three months. The most popular areas of expenditure according to their research seem to be on the home and car.
Patrick Muir, Marketing Director of the Morgan Stanley Credit Card, comments, “After the lull in spending in the New Year, we are now seeing a rise in spending on DIY and holidays as we hit the Bank Holiday season. Britons are increasingly using their credit cards to pay for everyday items, including groceries, petrol and bills.”
Home improvements costs are an area which will see house proud Britons spending an average of £363 on the home and car. This figure represents over double what they intended to spend during the first three months of the year.
With summer breaks fast approaching, Britons are also reaching for their credit cards to pay for their holidays. Spending on holidays over the next three months will become the second highest area of expenditure, at £331. Longer evenings and warmer nights mean an increase in grocery shopping, from £177 to £315 over the same period, as Britons also begin preparations for the barbecue season.
Juggling monthly payments for credit cards and store cards can be very confusing. With several store cards it is likely that a substantial part of your monthly payment is interest. By applying for a debt
consolidation loan, you can put all of your debts into one place and know the exact date payment each month allowing you to plan ahead without the worry of various payments going out at different times. It is important however to realise that borrowing over a longer term will increase your overall interest charges.
