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This article is for information only. It does not constitute advice. Chase Saunders Ltd does not provide services for savings, investments, mortgages or insurance. You should seek advice on these areas from a qualified financial advisor.
New year - new card
Article Category: Debt Management Help and AdviceOver 2.5 million credit card customers are planning to ditch their current provider and transfer balances built up over the Christmas spend-fest, according to research by financial comparison website, MoneyExpert.com.
However, another 6.6 million who put some of their Christmas spending on their flexible friends are staying loyal.
This lethargy could be costing them dearly as interest rates on festive purchases average 16.82 per cent.
MoneyExpert does warn though that even if debtors take the plunge and swap to a lower interest
card they should be wary of any transfer fees - as high as three per cent of any balance.
Sean Gardner, from MoneyExpert, said that many credit card customers are due to "wake up to the cost" of Christmas and will, as a result, start looking for the best deals.
"People should be taking action to get their debt under control and the first step towards that is to cut borrowing costs," he explained.
Mr Gardner added that it was good that people were taking action but worried that millions are simply going to add their Christmas
debt to their existing borrowings thereby compounding the problem.
For more information about debt management call our advisors on 08000 122 118 for FREE, no obligation help and advice. Created on 07/01/2008 15:34:10
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