CREDIT CARDS
Credit card repayments could run until 2023 for Christmas fans
A new study reveals that British credit card owners making only the minimum repayments could take up to 11 years and 8 months to repay their 2011 Christmas debt.
Credits cards can be very helpful financial products, and very expensive too. It all depends on how you choose to utilise them and whether users spend time comparing credit card deals.The latest study from a leading comparative site revealed that making the wrong choices regarding credit cards can end up costing consumers a fortune.
The report calculated that Christmas borrowers taking £500 to pay for this holiday could end up paying up to £477 extra as a result of certain conditions, such as having an average APR of 18.12% and making the minimum repayment of just 2.5% each month. On top of this, interest payments would make the whole process even more expensive.
"It's important festive spenders use the most appropriate card option to suit their needs. Those looking to take out a credit card will need to take the time to ensure they are on the right product for their situation or they could get caught out. It can take a few weeks from application to receive your new card, so people should start doing their homework now and avoid last minute panic,” warned Kevin Mountford, Head of Banking at MoneySupermarket.
These days, comparing credit cards is not such a tedious task. Online comparative sites are a great help that will let you see what the main differences and similarities are regarding credit cards and other popular financial products such as prepaid cards, travel money cards or bank accounts.
These are some credit cards that have lately been launched onto the market;
Luxury holidays for Barclaycard Freedom clients
Final countdown to apply for Lloyds TSB Platinum credit card
Virgin launches “All Round” Credit Card
Tags: best deals credit cards, christmas spending, compare credit cards, CREDIT CARDS, credit cards repayment