Click here to close now.

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
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...
What exactly is a cognitive application? In her session at 16th Cloud Expo, Ashley Hathaway, Product Manager at IBM Watson, will look at the services being offered by the IBM Watson Developer Cloud and what that means for developers and Big Data. She'll explore how IBM Watson and its partnerships will continue to grow and help define what it means to be a cognitive service, as well as take a look at the offerings on Bluemix. She will also check out how Watson and the Alchemy API team up to offer disruptive APIs to developers.
The IoT Bootcamp is coming to Cloud Expo | @ThingsExpo on June 9-10 at the Javits Center in New York. Instructor. Registration is now available at http://iotbootcamp.sys-con.com/ Instructor Janakiram MSV previously taught the famously successful Multi-Cloud Bootcamp at Cloud Expo | @ThingsExpo in November in Santa Clara. Now he is expanding the focus to Janakiram is the founder and CTO of Get Cloud Ready Consulting, a niche Cloud Migration and Cloud Operations firm that recently got acquired by Aditi Technologies. He is a Microsoft Regional Director for Hyderabad, India, and one of the f...
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!
With IoT exploding, massive data will transform businesses with opportunities to monetize almost anything that can be measured. In this C-Level Roundtable Discussion at @ThingsExpo, Brendan O’Brien, Aria Systems Co-founder and Chief Evangelist, will lead an expert panel of consultants, thought leaders and practitioners who will look at these new monetization trends, discuss the implications, and detail lessons learned from their collective experience. Finally, the panel will point the way forward for enterprises who wish to leverage the resulting complex recurring revenue models, adding valu...
SYS-CON Events announced today that Ciqada will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Ciqada™ makes it easy to connect your products to the Internet. By integrating key components - hardware, servers, dashboards, and mobile apps - into an easy-to-use, configurable system, your products can quickly and securely join the internet of things. With remote monitoring, control, and alert messaging capability, you will meet your customers' needs of tomorrow - today! Ciqada. Let your products take flight. For more inform...
SYS-CON Events announced today that GENBAND, a leading developer of real time communications software solutions, has been named “Silver Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. The GENBAND team will be on hand to demonstrate their newest product, Kandy. Kandy is a communications Platform-as-a-Service (PaaS) that enables companies to seamlessly integrate more human communications into their Web and mobile applications - creating more engaging experiences for their customers and boosting collaboration and productiv...
SYS-CON Events announced today that BroadSoft, the leading global provider of Unified Communications and Collaboration (UCC) services to operators worldwide, has been named “Gold Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BroadSoft is the leading provider of software and services that enable mobile, fixed-line and cable service providers to offer Unified Communications over their Internet Protocol networks. The Company’s core communications platform enables the delivery of a range of enterprise and consumer calling...
VoxImplant has announced full WebRTC support in the newest versions of its Android SDK and iOS SDK. The updated SDKs, which enable audio and video calls on mobile devices, are now compatible with the WebRTC standard to allow any mobile app to communicate with WebRTC-enabled browsers, including Google Chrome, Mozilla Firefox, Opera, and, when available, Microsoft Spartan. The WebRTC-updated SDKs represent VoxImplant's continued leadership in simplifying the development of real-time communications (RTC) services for app developers. VoxImplant (built by Zingaya, the real-time communication servi...
SYS-CON Events announced today that Creative Business Solutions will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Creative Business Solutions is the top stocking authorized HP Renew Distributor in the U.S. Based out of Long Island, NY, Creative Business Solutions offers a one-stop shop for a diverse range of products including Proliant, Blade and Industry Standard Servers, Networking, Server Options and Care Packs. As a trusted supplier, CBS guarantees quality controlled stock levels thanks to an Auto...
SYS-CON Events announced today that AIC, a leading provider of OEM/ODM server and storage solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. AIC is a leading provider of both standard OTS, off-the-shelf, and OEM/ODM server and storage solutions. With expert in-house design capabilities, validation, manufacturing and production, AIC's broad selection of products are highly flexible and are configurable to any form factor or custom configuration. AIC leads the industry with nearly 20 years of ...
SYS-CON Events announced today that Optimal Design, an Internet of Things solution provider, will exhibit at SYS-CON's Internet of @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Optimal Design is an award winning product development firm offering industrial design and engineering services to the consumer, medical, and defense markets.
SYS-CON Events announced today that Vicom Computer Services, Inc., a provider of technology and service solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. They are located at booth #427. Vicom Computer Services, Inc. is a progressive leader in the technology industry for over 30 years. Headquartered in the NY Metropolitan area. Vicom provides products and services based on today’s requirements around Unified Networks, Cloud Computing strategies, Virtualization around Software defined Data Ce...
How is unified communications transforming the way businesses operate? In his session at WebRTC Summit, Arvind Rangarajan, Director of Product Marketing at BroadSoft, will discuss how to extend unified communications experience outside the enterprise through WebRTC. He will also review use cases across different industry verticals. Arvind Rangarajan is Director, Product Marketing at BroadSoft. He has over 19 years of experience in the telecommunications industry in various roles such as Software Development, Product Management and Product Marketing, applied across Wireless, Unified Communic...
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? Join this panel of experts as they peel away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you’ll have no problem filling in your buzzword bingo cards.
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, will discuss how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at the same time reduce Time to Market (TTM) by using plug and play capabilities offered by a robust I...
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this case) takes into account the number and quality of contextual references that a user receives.
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet conditions, Dyn ensures traffic gets delivered faster, safer, and more reliably than ever.
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what the future may hold. Mike Kavis is Vice President & Principal Cloud Architect at Cloud Technology Pa...
The only place to be June 9-11 is Cloud Expo & @ThingsExpo 2015 East at the Javits Center in New York City. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT & Big Data companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked for their ability to explore the economic strategies that utility/cloud computing provides. Whether public, private, or in a hybrid form, clo...