Expert: Use Christmas debt as an incentive to look for better credit card deals
Published On 28 January 2008
A consumer website has urged people to consider switching their credit card provider in the months after Christmas.Andrew Hagger, head of news and press at Moneyfacts.co.uk, explained that many consumers would have had a shock when they "realised the extent of their Christmas overspending".
However, he added that a search on the internet could reveal a host of better credit card deals that people should be quick to take advantage of.
Indeed, he pointed out that the website recently found that a person could save over £325 a year by opting for a more competitive credit card deal.
"It's easy to get carried away in the run up to the festive period, but when reality hits home and you see the size of your January credit card bill," Mr Hagger explained.
"Rather than doing nothing and paying a fortune in interest charges, why not see it as a kick up the backside to switch your credit card to a cheaper deal?"
Recently, Donald Macleod, head of cards at Sainsbury's Bank, said that January was a good time for people to come up with a whole debt repayment plan to sort out their finances.
