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Latest News
<< Most Recent Articles
Store cards 'may cause financial hangover'
Taking out a personal loan may be a way to alleviate a financial hangover in the New Year, a recent study has shown.
Research by Moneyfacts.co.uk for Alliance & Leicester (A&L) has revealed that store cards can be the biggest burden for those in debt following the Christmas spending spree, with an average APR of 27 per cent on direct debit repayments.
Paying off store cards with a loan or consolidating debt could be a way of starting out a "financially savvy" new year, or would allow people to book a major purchase like a holiday for next year, A&L have said.
A Moneyfacts spokesperson commented: "The new year is a great time to remedy any financial hangover you may be suffering from 2007.
"Store cards are undoubtedly some of the highest rates you will find. If you do find yourself with a debt hanging around your neck, then a personal loan may be a good solution."
Stores such as Dorothy Perkins and New Look have the highest APRs at 29.9 per cent and 28.9 per cent respectively, according to Moneyfacts.
See how much you could borrow with a Lombard Direct loan.
© Adfero Ltd
27/12/2007 10:56:44
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