Average £1,250 spend on tickets for the London Olympics could end up costing nearly £3,000 if cardholders make only minimum repayments, a comparison site warns

Consumers who bought tickets for the 2012 Olympics on their credit cards and make only the minimum repayments could still be paying for the event in 2032, according to uSwitch.com.

The comparison site said that Britons who forked out the average £1,250 on Olympics tickets would see this more than double to £2,961 including interest if they bought on a credit card and made only minimum repayments.

Even by the time the opening ceremony begins consumers could have racked up £323 of interest on tickets worth £1,250 if they used a Santander credit card with an APR of 19.9% (assuming minimum payments of 1% of the balance plus interest). USwitch said the overall debt would take 20 years and five months to clear and would cost £1,711 in interest.

The most expensive ticket available – the closing ceremony – is priced at £2,012. If the cost of this was put on to the same credit card the ticket holder could incur nearly £500 of interest in a year. If this debt was cleared only through minimum payments it would end up costing £4,884 by the time it was paid for in.......Read more HERE