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UK faces credit card debt from 2012 Olympics tickets

Published: 06/06/2011 by Comments

UK faces credit card debt from 2012 Olympics tickets

Those who purchased tickets for the Olympic Games of 2012 by using their credit cards could risk repaying for them until 2032, explains The website revealed that Brits who spent about £1,250 on a ticket for the games would actually pay almost twice that amount if chose to make the smallest repayments.

Some would’ve paid an interest of £323 before the opening of the event if they made the payment using a Santander debit card that has an APR at 19.9%. According to uSwitch, this action will make the ticket purchaser pay 20 years more – an interest which can get to a sum close to £1,711.

The event’s most costly ticket is valued at £2,012. If the calculations were made for this cost and for a similar credit card, then the purchaser would need to pay an interest of £500 per year. This means that the final cost will be around £4,884 by the year 2032.

uSwitch’s Stefan Maryniak further explained the issue: “For those who have been lucky enough to get the tickets they wanted, it’s important they keep their head, especially if they have used their credit card. If they can, they should pay the debt in full. The alternative is getting a new credit card which offers 0% interest on balance transfers – this could help them to pace themselves.

The case of Stephen Hunt caught the attention of the website as the man both tickets worth £11,000 and actually paid £36,000 because he used his credit card. With the minimum repayments Mr. Hunt has to pay for a period of 38 years.

If those who didn’t manage to buy a ticket for the Olympic Games, they shouldn’t despair yet. Alton Towers Resort is giving people free passes to the theme park. Only the first 500 people who get visit the park between the 3rd and 5th of June will be eligible. Britons will feel a little bit discouraged that they weren’t able to buy tickets, but the real sums might’ve saved them from a lot of trouble.

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