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Latest News
<< Most Recent Articles
'Keep an eye on credit cards'
Credit card users have been advised to keep an eye on the interest and balance transfer fees this new year by MoneyExpert.co.uk.
Research from YouGov for the financial website has revealed that 2.6 million credit card customers aim to transfer the debts they accumulated over Christmas.
The fees for such transfers could be as high as three per cent, MoneyExpert.co.uk said, while people who do not transfer risk paying high interest rates of an average 16.82 per cent on their Christmas spending.
Chief executive of MoneyExpert Sean Gardner said: "[It is] worrying that millions will simply add their Christmas debt to their existing debt. Piling debt on debt is simply adding to the spiral of increasing financial trouble.
"People should be taking action to get their debt under control."
A way to take control of finances may be to take out a debt consolidation loan that would condense all debts in to one manageable monthly payment.
Other YouGov research for MoneyExpert revealed that more than 4.4 million people are still paying for Christmas 2006 as they failed to clear their debt.
See how much you could save with a debt consolidation loan from Lombard Direct.
© Adfero Ltd
07/01/2008 10:02:46
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