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Helpful hints for Christmas recovery

January 5, 2007 by admin  
Filed under News, News-Banking

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Consumers are being offered advice on how to overcome the financial difficulties that we all inevitably experience during January.

Which? says there are a few simple steps which can be taken to avoid allowing a debt molehill to turn into a mountain.

One piece of advice is to buy things on a credit card which charges zero per cent on new purchases, but ensure the balance is paid back before standard interest rates kick in.

Which? also says it may be a good idea to transfer debt from one credit card to another, taking advantage of a new interest-free period, but the firm urges caution when moving money in this way.

“Many of us will have overspent over the festive period, or be planning large purchases in the January sales, so it’s a good time to sort out our finances,” said Malcolm Coles, editor at which.co.uk.

“It’s really important to shop around to make sure that you get the best deal on credit.

“For those who already owe money it’s very easy to transfer existing card balances to a credit card with a lower interest rate, but consumers should check the terms and look out for transfer fees to make sure that they know how much it will really cost them,” he added.

Which? also advises consumers that they should only ever secure a loan against their home as a last resort.

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