The first two months of each year are traditionally the most difficult time for debtors, according to an industry analyst.
Typically, consumers increase their reliance on credit cards over the festive period so that they can pay for expensive Christmas presents for friends and loved ones.
Some forms of credit, such as student credit cards and online credit cards, may include provision for deferred repayments.
However, January generally stands as the month that repayments begin, which could be a problem for many debtors unless they used a low rate credit card.
James Falla, director of debt advisory group Thomas Charles & Co, explained that this time of the year was typically troublesome for some credit card users.
"This is the point where people have the most amount of debt on their credit cards because of their spending in December," he said.
"January and February are the months which people face up to having battered their credit cards."
One option open to credit card holders may be to consider switching to financial services providers that offer 0% credit cards, which could give them more time to get their financing plans in order.
News Side
January and February can be difficult for credit card holders, admits expert
Mon, 08 Jan 2007
Recommended links
Find the best credit card rates in the UKToday's popular credit card providers
Credit card search tool
Find a 0% credit card
Warning over store credit cards
Credit card protection warning
news content
Search
