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'10% of Brits used savings to pay credit card bill in 2009

A total of 10% of Brits raided their savings last year due to a higher than expected credit card bill, according to new research.

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27 January 2010

'10% of Brits used savings to pay credit card bill in 2009 ”

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The study from Birmingham Midshires' Saving Britain campaign found other reasons Brits went into their savings last year included impulse gifts or luxury shopping, holidays or weekend breaks and emergency home and car repairs.

However, despite these reasons for taking money from savings, the survey found Brits have increased the amount they are saving every quarter by 136% compared to last year.

It found Brits saved an average of £776 in the three months to January 2010, in comparison to the same period in 2009.

Those looking for a credit card with a competitive rate may want to consider the Saga platinum credit card, with a typical variable rate of 11.9% APR.

It offers 0% on purchases for the first nine months from the date on which the account is opened, as well as 0% on balance transfers for the first nine months with a 3% fee.

Written by Jack Ramsey

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Credit Cards	Balance Transfers	Purchases	APR Representative (Variable)
	Tesco ClubCard Purchases Credit Card
	0^% 9 months 2.9% fee	0^% 16 months	16.9^%
Representative Example: The annual purchase rate is 16.9% p.a (variable) so if you spend £1200 your representative apr will be 16.9% p.a (variable)
	Barclaycard Platinum With BT (27 Mths)
	0^% 27 months 3.5% fee	0^% 6 months	18.9^%
Representative Example: The annual purchase rate is 18.9% p.a (variable) so if you spend £1200 your representative apr will be 18.9% p.a (variable)
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