Welcome!

Symbian Authors: Jack Newton, Kevin Benedict, Matthew Lobas, Shelly Palmer, RealWire News Distribution

News Feed Item

Consolidate the Hangover of Christmas Debts and Clear this New Year

CHESTER, England, January 3, 2013 /PRNewswire/ --

  • Save over £618 by moving to a zero per cent credit card deal*
  • Taking advantage of promotional offers can save hundreds of pounds in 2013

With Christmas over, many people may be nursing a credit card hangover into the New Year. Consolidating and clearing those debts in a sensible way should be top of the 'to-do' list, according to MoneySupermarket.

A recent MoneySupermarket poll found one in ten consumers* planned to put Christmas spend on their credit or store card. For those who cannot afford to repay the debt this month, they should look to transfer their Christmas balance to a new zero per cent balance transfer card, and think carefully about how to budget throughout the year in order to pay off the debt quickly.

Kevin Mountford, Head of Banking at  MoneySupermarket, said: "Now the festive season has been and gone, it won't be a Christmas card landing on the doormat for households but potentially a hefty credit card bill instead, serving as a reminder of the expense of Christmas.

"For people looking to tackle these debts, spending a few minutes reviewing your finances could make all the difference to your finances in 2013. Moving existing credit card debt onto a zero per cent deal is one option to help save money, but it is also important to consider how much you can realistically afford to repay every month in order to find an appropriate product- this will help to ensure credit card debts are cleared in the most efficient way possible. For debt accrued over Christmas, ideally people should look to pay off this debt before the next festivities, but for some people this may not be an affordable option so they have to look at all the options available."

For those looking to switch credit cards, MoneySupermarket offers the following top tips:

  1. Plan a realistic budget to pay off debts. If you are looking to switch your debt to a zero per cent deal then aim to pay it off before the balance transfer period ends, and ensure you can afford the monthly repayments to clear the debt. Moving £3,000 to the market leading 24 month balance transfer card from Barclaycard Platinum credit card would save £618.07 in interest** by repaying £129 per month over the two year interest free period.
  2. Check the small print for transfer fees as many providers charge a fee when moving onto a zero per cent credit card e.g. NatWest and RBS both charge a 3.5 per cent fee on their Platinum Extended balance transfer credit cards.
  3. Ensure you are able to transfer a balance. Anyone looking to switch credit card debt should check whether they are allowed to transfer their balance to a new provider. Some providers prevent the transfer of existing debt to other cards within the card issuers group. For example, Virgin cardholders cannot transfer a balance to or from another card from issuer MBNA Europe.
  4. Check your credit rating. Make sure you have a good credit rating before applying for a credit card to avoid rejection or being offered higher rates than expected. Even a good or excellent credit rating may not necessarily guarantee card acceptance.
  5. Switch to a low rate card - If you cannot afford to repay a debt on a zero per cent card within the zero per cent period then consider switching to a low rate credit card. Switching £3,000 to the market leading low rate credit card from Sainsbury's at 6.9 per cent and repaying £150 per month would take 22 months to clear the balance and save £325 in interest***.
  6. Check the credit limit you need. Even if you are accepted for a new deal, the credit limit you receive may not cover the entire balance you want to switch. If this is the case, then transfer as much as you can and then focus on paying off the remaining balance on your old card as quickly as possible while maintaining minimum repayments on the new one.
  7. Paying off the balance. If you are unable to move your Christmas debt, then aim to pay off the balance as quickly as possible. Paying off £150 a month on a £3,000 balance on a card with an average rate of 17.33 per cent would take two years. If you have more than one credit card, then pay off the most the debt that is accruing the most interest charges first, but don't forget to pay at least the minimum of the other cards.
  8. Personal loan options. For those unable to find a new card deal it may be worth considering a personal loan. A loan allows consumers to make fixed repayments over a set period of time which is ideal for anyone looking to budget. The best personal loan deals are only available to those with good credit histories. For those with poorer credit histories and equity in their homes, a secure loan may be another option.

9.   Review outgoings. If you are unable to switch to a cheaper deal and cannot afford to service your existing borrowing then look at alternative ways of paying off your debts. Review all of your outgoings and try to free some cash which can then be used to pay off debts. Concentrate on repaying the debt with the most expensive interest rate first as this is likely to be costing the most.

10. Don't bury your head in the sand. If your debts are unmanageable then seek immediate help from one of the free debt advice services such as Citizen's Advice or Step Change who will be able offer help and advice.

Notes to editors

*According to MoneySupermarket webpoll 2012

How will you cover the cost of Christmas this year?

  • I'll dip into savings - 23.7%
  • I'll use my disposable income - 38.1%
  • I'll use my credit card/store card - 10.5%
  • I'll have to use my overdraft - 3.2%
  • I have been saving up all year via a savings scheme - 9.7%
  • I'll borrow money from friends and/or family - 1.6%
  • Unsure or don't know - 4.6%
  • I don't celebrate Christmas - 8.5%

Total votes: 2,910

Voting Ended: 06/11/2012

** Compared to making a £125 monthly repayment on a credit card with a balance of £3,000 with an industry average APR of 17.33 per cent. Barclaycard balance includes BT fee of 3.2 per cent.

*** Compared to making a £150 monthly repayment on a credit card with a balance of £3,000 with an industry average APR of 17.33 per cent

Notes to Editors

MoneySupermarket.com compares (at 29th November 2012)

  • 130 car insurance brands and 99 home insurance brands
  • 9 broadband providers and 20 energy providers   
  • 30 unsecured loan and 5 secured loan providers
  • 62 mortgage lenders and 27 credit card providers
  • 63 savings providers and 38 current account providers.
  • Over 920,000 mobile phone deals

Our customers

We help our customers to save money on all of their household bills by providing a free, easy to use online service so they can compare a wide range of products in one place and find the product most suited to their needs. Our size means we are able to offer our customers exclusive, market-leading deals, including some they can't even get direct from providers.

Our providers

By having considerable volumes of informed customers actively looking for products and ready to purchase, we offer our providers an efficient and cost effective customer acquisition solution across all of our channels. This enables our providers to target their marketing spend in an effective and completely measurable way.

Our revenue comes predominantly from fees paid to us by product providers when a customer clicks through to their website and actually applies for or purchases a product. It is a success based marketing fee.

Our customer commitment

  • We make it easy to find the brands you expect to see
  • We strive to ensure a product cannot be found cheaper by going direct
  • We let you remain in control of your personal data
  • We are independent and impartial
  • We make it easy to switch and save
  • We strive to always show the most competitive product available

Paul Lawler/ Nicki Parry
MoneySupermarket.com
+44(0)787-237-9545 / +44(0)1244-370-318
[email protected] / [email protected]


SOURCE MoneySupermarket.com

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5–7, 2018, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buye...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
It is of utmost importance for the future success of WebRTC to ensure that interoperability is operational between web browsers and any WebRTC-compliant client. To be guaranteed as operational and effective, interoperability must be tested extensively by establishing WebRTC data and media connections between different web browsers running on different devices and operating systems. In his session at WebRTC Summit at @ThingsExpo, Dr. Alex Gouaillard, CEO and Founder of CoSMo Software, presented ...
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, introduced two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a multip...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
SYS-CON Events announced today that Evatronix will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Evatronix SA offers comprehensive solutions in the design and implementation of electronic systems, in CAD / CAM deployment, and also is a designer and manufacturer of advanced 3D scanners for professional applications.
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
An increasing number of companies are creating products that combine data with analytical capabilities. Running interactive queries on Big Data requires complex architectures to store and query data effectively, typically involving data streams, an choosing efficient file format/database and multiple independent systems that are tied together through custom-engineered pipelines. In his session at @BigDataExpo at @ThingsExpo, Tomer Levi, a senior software engineer at Intel’s Advanced Analytics gr...
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things’). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing? IoT is not about the devices, it’s about the data consumed and generated. The devices are tools, mechanisms, conduits. In his session at Internet of Things at Cloud Expo | DXWor...