Welcome!

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

News Feed Item

Consolidating Debt Could Save £830

CHESTER, England, January 22, 2013 /PRNewswire/ --


  • Paying off debt in a sensible way can save hundreds of pounds
  • Average interest free credit card debt transfer offers is now 23.2 months

With over 32 million* post-Christmas credit card bills expected to hit doormats in January and February, many hard-pressed households will be looking at how they can reduce their debts in 2013. Analysis by MoneySupermarket found that people with an existing credit card debt at an average annual percentage rate (APR) of 17.32, would save £830** in interest alone by switching the debt to a cheaper interest-free credit card deal.

A recent webpoll*** by MoneySupermarket found 44 per cent will be looking to clear leftover 2012 debt, and of this, 14 per cent plan to pay off the built up debt by dipping into savings, and a further nine per cent will only repay the minimum amount off their credit card. A third (33 per cent) will transfer to a zero per cent balance transfer card and an additional 38 per cent will use their income in the next few months to pay off debts.

Credit card users only making the minimum repayments, or sticking with a credit card with a high interest rate will take much longer to pay off the debt and will pay significantly more in interest compared to someone who has moved their outstanding credit card balance to a zero per cent balance transfer card. For example, by moving an existing £3,000 debt to the market-leading 24 month balance transfer card from Barclaycard, and repaying £100 per month over the interest free period, you could save a huge £830 in interest compared to sticking with an existing card with an average market rate of 17.32 per cent APR, paying off the same amount each month.

Kevin Mountford, Head of Banking at  MoneySupermarket, said: "For people who are struggling to pay off their credit card debt quickly, the New Year is a good time to take action. Moving leftover credit card debt onto a cheaper deal could save hundreds of pounds in interest. There's a lot of competition at the moment in the balance transfer cards market which will benefit people looking for a better deal. Banks and other card providers have reduced the amount they charge in balance transfer fees, and increased the average length of interest-free period by almost a month than the same time last year.** Using a zero per cent balance transfer card is a no-brainer - it allows you to pay off your existing balance over time without accruing additional interest. I would advise anyone looking to pay off debts to make a plan and budget accordingly; otherwise the debt could remain when the promotional offer comes to an end. Ensure you set up a direct debit for at least the minimum payment as missing a payment would result in you losing the promotional deal.

"If your debts are unmanageable, then speak to your provider or seek immediate help from one of the free debt advice services such as Citizen's Advice or The StepChange Debt Charity who will be able to offer help and advice. If a Debt Management Plan is right for you then ensure you choose a DEMSA accredited provider.

"Unfortunately, the best deals are still reserved for those people with excellent credit histories, so if you are unable to switch to a better deal, assess your outgoings and find ways to pay off the debt as quickly as you can, depending on your circumstances. Reviewing all of your outgoings and seeing where you can make savings can make a difference and help free up cash, which can be used to pay off your debts. Families can save more than £1,000 on all of their household bills by using our site - including energy bills, home and car insurance. Using these savings to pay off the most expensive debt first will help reduce the debt more quickly, although you need to maintain the minimum repayments on all your debts if you have multiple products."

* According to BBA credit card statistics, November 2012, there were 32.4m active credit card accounts in the UK

** Average length of term of top five zero per cent balance transfer credit cards

      Date          Length
    Jan-12        22.4 months
    Jan-13        23.2 months
    Balance Transfer Cards - 10th January 2013
         Provider        Introductory Rate  Duration  BT Fee Rep APR (variable)
    Barclaycard
    Platinum with
    Extended Balance
    Transfer                    0%          24 Months 3.20%        17.90%
    MBNA
    Platinum Credit
    Card                        0%          23 Months 2.85%        18.90%
    NatWest
    Platinum Credit
    Card                        0%          23 Months 2.90%        17.95%
    Halifax
    Credit Card                 0%          23 Months 3.00%        18.90%
    HSBC
    Credit Card for
    Existing Customers          0%          23 Months 3.30%        17.90%
                                             Average  3.05%
 
    Balance Transfer Cards - 10th January 2012
         Provider        Introductory Rate  Duration  BT Fee Rep APR (variable)
    Barclaycard
    Platinum with
    Extended Balance
    Transfer                    0%          24 Months 3.20%        17.90%
    HSBC
    Credit Card                 0%          23 Months 3.30%        17.90%
    Virgin
    Credit Card                 0%          20 Months 2.99%        16.80%
    Creation
    Creation Card               0%          20 Months 3.20%        16.90%
    NatWest
    Platinum Credit
    Card                        0%          20 Months 3.20%        17.90%
                                             Average  3.18%
 


Sourced by http://www.MoneySupermarket.com 

*** MoneySupermarket webpoll

How will you clear your leftover 2012 debt?

  • I'll use my savings to repay the debts - 6.3%
  • I will pay it off using my income within the next few months - 16.7%
  • I'll transfer my credit card debt with a 0% balance transfer - 14.6%
  • I'll pay off my credit card debt making the minimum repayments - 4%
  • I haven't thought about it yet - 2.6%
  • I don't have any debt from 2012 - 55.8%

Total votes: 1224

Voting ran from Friday 18th January- Tuesday 22nd January 2013

MoneySupermarket.com compares (at 27th Dec 2012)

  • 134 car insurance brands and 97 home insurance brands
  • 9 broadband providers and 20 energy providers   
  • 31 unsecured loan and 5 secured loan providers
  • 62 mortgage lenders and 26 credit card providers
  • 63 savings providers and 38 current account providers.
  • Over 650,000 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

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


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
BnkToTheFuture.com is the largest online investment platform for investing in FinTech, Bitcoin and Blockchain companies. We believe the future of finance looks very different from the past and we aim to invest and provide trading opportunities for qualifying investors that want to build a portfolio in the sector in compliance with international financial regulations.
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...
Imagine if you will, a retail floor so densely packed with sensors that they can pick up the movements of insects scurrying across a store aisle. Or a component of a piece of factory equipment so well-instrumented that its digital twin provides resolution down to the micrometer.
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 settle...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.
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...
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
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 ...
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, provided a fun and simple way to introduce Machine Leaning to anyone and everyone. He solved a machine learning problem and demonstrated an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intelligence and B...
"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...
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
We are given a desktop platform with Java 8 or Java 9 installed and seek to find a way to deploy high-performance Java applications that use Java 3D and/or Jogl without having to run an installer. We are subject to the constraint that the applications be signed and deployed so that they can be run in a trusted environment (i.e., outside of the sandbox). Further, we seek to do this in a way that does not depend on bundling a JRE with our applications, as this makes downloads and installations rat...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
DX World EXPO, LLC, a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
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 lead...
Digital Transformation (DX) is not a "one-size-fits all" strategy. Each organization needs to develop its own unique, long-term DX plan. It must do so by realizing that we now live in a data-driven age, and that technologies such as Cloud Computing, Big Data, the IoT, Cognitive Computing, and Blockchain are only tools. In her general session at 21st Cloud Expo, Rebecca Wanta explained how the strategy must focus on DX and include a commitment from top management to create great IT jobs, monitor ...
"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...
The IoT Will Grow: In what might be the most obvious prediction of the decade, the IoT will continue to expand next year, with more and more devices coming online every single day. What isn’t so obvious about this prediction: where that growth will occur. The retail, healthcare, and industrial/supply chain industries will likely see the greatest growth. Forrester Research has predicted the IoT will become “the backbone” of customer value as it continues to grow. It is no surprise that retail is ...