Many of us are looking at saving money rather than spending it in order to pay off our Christmas credit card debt. According to Legal & General’s MoneyMood survey, 20% of the UK population are currently saying yes to paying off credit card debt over spending on the High Street.
However it seems that paying off our credit card debt has us ignoring our long term goals, as apparently 80% of us are not contributing towards our pension schemes as we would rather be paying off our personal debts.
Adrian Boulding, wealth policy director at the company, said: “We are encouraged to see our MoneyMood survey reflecting a more prudent attitude to credit card debt in these straightened times.”
However, it seems as though we cannot escape from credit card debt completely; a separate survey by the Post Office reports that up to 10,000,000 credit card holders plan to use their cards to meet general living costs.