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
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and sh...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
"We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, provided an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data professionals...
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2017 New York The 7th Internet of @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, New York. Chris Matthieu is the co-founder and CTO of Octoblu, a revolutionary real-time IoT platform recently acquired by Citrix. Octoblu connects things, systems, people and clouds to a global mesh network allowing users to automate and control design flo...
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
Amazon has gradually rolled out parts of its IoT offerings, but these are just the tip of the iceberg. In addition to optimizing their backend AWS offerings, Amazon is laying the ground work to be a major force in IoT - especially in the connected home and office. In his session at @ThingsExpo, Chris Kocher, founder and managing director of Grey Heron, explained how Amazon is extending its reach to become a major force in IoT by building on its dominant cloud IoT platform, its Dash Button strat...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
The idea of comparing data in motion (at the sensor level) to data at rest (in a Big Data server warehouse) with predictive analytics in the cloud is very appealing to the industrial IoT sector. The problem Big Data vendors have, however, is access to that data in motion at the sensor location. In his session at @ThingsExpo, Scott Allen, CMO of FreeWave, discussed how as IoT is increasingly adopted by industrial markets, there is going to be an increased demand for sensor data from the outermos...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...