Balance transfer deals "fantastic way to reduce outgoings"
4.09.2008
Consumers using their credit cards to get by ought to shop around for balance transfer deals, it has been claimed.
Moneyfacts.co.uk said there are now a number of zero per cent deals available, which can help people to reduce their outstanding credit card debts.
"Balance transfer deals are a fantastic way to reduce outgoings as well as reducing the overall interest paid and cutting the time it takes to repay the debt," the company stated.
However, people with poor payment histories may want to check their credit rating before applying for credit card deals, as rejections may lead to further problems down the line, it warned.
James Falla, managing director of debt consultancy firm Thomas Charles, recently warned that credit card companies are beginning to apply to courts to have debts secured against properties.
People getting into debt could therefore be facing repossession if they do not pay off debts built-up on their credit cards, he warned.
Moneyfacts.co.uk said there are now a number of zero per cent deals available, which can help people to reduce their outstanding credit card debts.
"Balance transfer deals are a fantastic way to reduce outgoings as well as reducing the overall interest paid and cutting the time it takes to repay the debt," the company stated.
However, people with poor payment histories may want to check their credit rating before applying for credit card deals, as rejections may lead to further problems down the line, it warned.
James Falla, managing director of debt consultancy firm Thomas Charles, recently warned that credit card companies are beginning to apply to courts to have debts secured against properties.
People getting into debt could therefore be facing repossession if they do not pay off debts built-up on their credit cards, he warned.