In examining data from a survey of 2,021 UK credit card holders, it was shown that millennials are the hardest hit of any age group, with 57 percent of those aged between 25 and 34 struggling to meet monthly repayments.
These difficulties are not exclusively attributable to millenials however, with 40 percent of respondents across all age groups struggling to meet repayments since March 2020.
Most of the respondents (61 percent) believed credit card providers need to do more during this period to help those struggling and with the FCA’s March 31 deadline for payment holidays quickly approaching, comparethemarket.com urged any individuals struggling to get in touch with their credit card provider as soon as possible to ask for support.
James Padmore, the head of money at comparethemarket.com, commented on these findings: “It is a concern that many still struggle to pay off credit card bills. If a bill is not paid off in full each month, interest can build up and this can lead to other financial difficulties and stresses.