|By PR Newswire||
|January 22, 2013 11:42 AM EST||
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
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.
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
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
May. 23, 2016 06:15 PM EDT Reads: 324
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. 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 Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
May. 23, 2016 05:00 PM EDT Reads: 4,590
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
May. 23, 2016 04:30 PM EDT Reads: 734
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices 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 y...
May. 23, 2016 04:00 PM EDT Reads: 1,781
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
May. 23, 2016 03:00 PM EDT Reads: 556
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
May. 23, 2016 03:00 PM EDT Reads: 1,635
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide 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 ...
May. 23, 2016 02:30 PM EDT Reads: 1,674
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will discuss the vast to...
May. 23, 2016 02:00 PM EDT Reads: 2,316
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
May. 23, 2016 01:45 PM EDT Reads: 2,030
Customer experience has become a competitive differentiator for companies, and it’s imperative that brands seamlessly connect the customer journey across all platforms. With the continued explosion of IoT, join us for a look at how to build a winning digital foundation in the connected era – today and in the future. In his session at @ThingsExpo, Chris Nguyen, Group Product Marketing Manager at Adobe, will discuss how to successfully leverage mobile, rapidly deploy content, capture real-time d...
May. 23, 2016 12:45 PM EDT Reads: 1,302
IoT generates lots of temporal data. But how do you unlock its value? How do you coordinate the diverse moving parts that must come together when developing your IoT product? What are the key challenges addressed by Data as a Service? How does cloud computing underlie and connect the notions of Digital and DevOps What is the impact of the API economy? What is the business imperative for Cognitive Computing? Get all these questions and hundreds more like them answered at the 18th Cloud Expo...
May. 23, 2016 12:30 PM EDT Reads: 2,016
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, wh...
May. 23, 2016 12:30 PM EDT Reads: 1,775
SYS-CON Events announced today that 24Notion has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. 24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to con...
May. 23, 2016 09:15 AM EDT Reads: 1,641
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...
May. 23, 2016 08:15 AM EDT Reads: 2,368
The demand for organizations to expand their infrastructure to multiple IT environments like the cloud, on-premise, mobile, bring your own device (BYOD) and the Internet of Things (IoT) continues to grow. As this hybrid infrastructure increases, the challenge to monitor the security of these systems increases in volume and complexity. In his session at 18th Cloud Expo, Stephen Coty, Chief Security Evangelist at Alert Logic, will show how properly configured and managed security architecture can...
May. 23, 2016 08:00 AM EDT Reads: 1,910
When it comes to IoT in the enterprise, namely the commercial building and hospitality markets, a benefit not getting the attention it deserves is energy efficiency, and IoT's direct impact on a cleaner, greener environment when installed in smart buildings. Until now clean technology was offered piecemeal and led with point solutions that require significant systems integration to orchestrate and deploy. There didn't exist a 'top down' approach that can manage and monitor the way a Smart Buildi...
May. 23, 2016 07:30 AM EDT Reads: 2,007
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, will discuss the importance of WebRTC and how it enables companies to fo...
May. 23, 2016 04:15 AM EDT Reads: 2,338
Korean Broadcasting System (KBS) will feature the upcoming 18th Cloud Expo | @ThingsExpo in a New York news documentary about the "New IT for the Future." The documentary will cover how big companies are transmitting or adopting the new IT for the future and will be filmed on the expo floor between June 7-June 9, 2016, at the Javits Center in New York City, New York. KBS has long been a leader in the development of the broadcasting culture of Korea. As the key public service broadcaster of Korea...
May. 23, 2016 03:45 AM EDT Reads: 1,663
SYS-CON Events announced today TechTarget has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. TechTarget is the Web’s leading destination for serious technology buyers researching and making enterprise technology decisions. Its extensive global networ...
May. 23, 2016 03:45 AM EDT Reads: 2,943
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, will discuss how as IoT is increasingly adopted by industrial markets, there is going to be an increased demand for sensor data from the outer...
May. 22, 2016 05:00 PM EDT Reads: 1,856