Brits putting Christmas on the plastic
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Brits are planning on borrowing to cover their Christmas spending a new survey reports.
With less than three months to go more than 25 per cent of respondents will be putting the Christmas costs on thief plastic – which means they had better ensure they have a good deal.Moneyfacts price comparison website draws attention to the fact that people can save considerable amounts by moving credit card. It cites the example of someone with a balance of £2,000 on a credit card and an APR of 15 per cent, paying off the minimum, could save more than £200 by switching to a more competitive deal.
Credit cards and personal loans editor, Samantha Owens said: "With so many of us admitting we do not save for Christmas, it is inevitable that we will have to borrow the money in one form or another.
"Adding up the potential savings for cards and loans shows that there are hundreds of pounds to be saved by shopping around for financial products. Consumers should not take out the first personal loan or credit card they see."
She urged consumers to check the actual rate on any products they are considering to ensure it remains an attractive deal after closer examination.
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