Published On: Wed, Jul 9th, 2014 on 11:21 am

Yorkshire cardholders left in the dark with ‘unmanageable’ debt

Office Worker

Over a half of credit cardholders in Yorkshire and the Humber have admitted they don’t know their credit card interest as the UK faces ‘debt age’ crisis, according to a study.

According to new research from peer-to-peer lending firm, Zopa, credit cardholders in the county are in ‘denial’ about their credit card debt, found having ‘unrealistic expectations’ about the years it will take become debt free.

The report examined the nation’s attitude towards credit card debt, and found that there are 30 million credit cardholders in the UK who have an average debt of £4,500, paying back at an average interest rate of 17.9%.

Many in Yorkshire and the Humber were found to have no knowledge about the interest rate on their credit card balance, higher than any other region in the UK.

Meanwhile, 56% of cardholders in the region admitted that their credit card debt is unmanageable.

Personal finance expert, Mike Naylor, said: “It is shocking that more than half of credit cardholders don’t know how much interest their credit card charges. I would urge anyone with a credit card to take a good look at their debts, work out how much they owe, what interest rate they are paying and see if there are alternative options to clear their debts.

“It’s essential that anyone struggling with debt seeks free debt advice from Stepchange, National Debtline or Citizens Advice to make sure they are dealing with their debts effectively and to see if they have other options.”

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