Consumers could end up paying for Christmas 2011 far into 2023 by making only the minimum repayments on their credit card.

With just two months to go until Christmas, many people may be tempted to fund this year's festive spending on their credit card.

However, figures from Moneysupermarket.com show that consumers with a balance of £500 on a card with an average APR of 18.12pc could take 11 years and eight months to clear their debt if they make only the minimum repayment of 2.5pc each month – forking out an extra £477 in interest payments in the process. Kevin Mountford, head of banking at moneysupermarket, said: "It's no surprise that a number of people will dread funding Christmas this year, with the rising cost of living, and energy, fuel and food costs all squeezing people's wallets over the past 12 months. The festive period is an expensive time of year and many may be thinking about using their....Read more here--> Why your Christmas debts could last until 2023 - Telegraph