1 in 5 cardholders are worried about making credit card repayments

By Reno Charlton Staff Writer 27 February 2009

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THE results of a recent survey have found an increasing number of people are worried if they can keep on top of credit card repayments.

The survey, carried out by Virgin money, showed that many people in the UK are nervous about being able to make credit card debt repayments due to their financial situation and doubts about future finances.

Consumer confidence with regards to repaying credit card balances and other debts is said to have plummeted.

According to the results of the survey, almost 1/5 of people were unconfident about being able to pay their credit card bills, amounting to over 7 million cardholders.

In a breakdown of the results it was shown that around 7% of survey respondents said that they were unconfident about being able to keep up with credit card debt repayments. However, a further 12% said that they were very unconfident about being able to keep up with credit card repayments.

In addition to this around 1/3 of people that responded to the survey said that they felt that their disposable income levels were likely to fall over the course of this year, and this was due to either rising costs and outgoings or as a result in a drop in income.

Virgin Money UK managing director Rob Clifford said: "With 29 per cent of workers expecting a drop in disposable income over the next three months and next year, it is clear there is a mood of caution throughout the country." He did say, however, that most people were confident about being able to keep on top of bills repayments, adding: "There are signs of recession everywhere but there are also signs for optimism."

Anyone who is worried about keeping up with credit card balance repayments and who had a decent credit history should compare 0% balance transfer credit cards and try and switch their balance to a promotional 0% rate.

These promotional rate credit cards are still available and can offer a huge relief from hefty interest charges on credit card balances. They also allow cardholders to become debt free much quicker, as payments go entirely towards the principle balance and are not constantly being swallowed up by interest charges.

Virgin Money, is still the UK's best credit card provider for 0% balance transfer credit cards. Offering up to 15 months 0% interest on the Virgin credit card.

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