Loans over Christmas should be paid back sooner

Christmas credit card loans can lead to serious debt if shoppers fall into the minimum repayment trap, the Consumer Credit Counselling Service (CCCS) has said.Research carried out by CCCS has found that the average Christmas spend of £813 is significantly increased if credit card holders only pay the minimum amount.After six months of just paying the minimum there will still be £748.77 to pay on the credit card. Consumers will have paid out £117.88, only £64.23 of which will have gone towards