Credit card deals may interest those looking for debt solutions

05/01/2010

Individuals wanting to stick to a credit card lifestyle in 2010 can do so by taking advantage of one of the many zero per cent deals currently available.

This is according to moneysupermarket.com, which said that the deals mean that many people are able to avoid taking out a personal loan - something that may be of interest to those seeking debt solutions.

Providing you have a good credit history, switching to a zero per cent deal could save you hundreds of pounds a year, which is particularly good news after an expensive Christmas period.

Clare Francis, moneysupermarket.com's site editor, said that the turn of the year is a "great trigger" for people to review their own financial situation.

"We're all feeling the pinch at the moment and for those suffering an extra financial hangover from the festive period, recovery will be all the quicker in 2010 if significant savings are made," she commented.

Head of banking at the price comparison site Kevin Mountford recently welcomed the government's decision to teach schoolchildren money basics from 2012.

Kevin Still, director of EuroDebt, commented: "According to the Bank of England, consumers repaid nearly £2 billion of unsecured borrowing in 2009, which indicates that those people with disposable income are trying to reduce their debt burden.

"For those indebted consumers with an impaired credit record the outlook is more like the weather – frosty and bleak. Lenders are still cherry picking who to offer credit card deals to and interest rates on unsecured borrowing remain high.

"Non-borrowing debt solutions are likely to remain popular, for example, Debt Management Plans or IVAs, where the debt manager or supervisor helps the client regain control of their finances."

Tags; Budgeting Advice,

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