Brits concerned about their debt problems, which have been accrued through borrowing on a credit card, may want to consider using a zero per cent balance transfer card.
Such is the advice from moneysupermarket.com, which found that Brits are collectively wasting £2.3 billion in credit card interest each year.
That is because these consumers let their debt sit on their credit card accruing interest, with 46 per cent of Brits not paying off their debt in full each month.
Therefore, people worried about their credit card debt could transfer their outstanding balance to a zero per cent credit card, as this will save them £279 a year in interest payments.
Kevin Mountford, head of banking at the price comparison site, said: "As the nation's wallets continue to be squeezed by higher living costs, it is crucial consumers look to pay off their debt quickly and efficiently to prevent additional interest from accruing.
"Anyone with an outstanding balance on their card should consider switching to a product offering zero per cent interest on balance transfers."
Couples coping with debt problems have been advised to be open and honest with one another by Kim Stephenson, a financial psychologist.
Around 430,000 students will be given a manual about how to manage their money and avoid debt problems in the process.
Finance charity Credit Action intends to give its guide on student finance to young people planning to attend university in the 2011/2012 school year.
The average student is expected to graduate with debts amounting to more than £23,000 so the charity has created a guide to inform youngsters about the financial support available, how to budget and how to save money.
This could help would-be students learn how to stay in control of their money and help them avoid debt problems while at university.
Joanna Parsley, associate director of Credit Action, said: "Getting this information and guidance into students' hands before they begin university is key as it allows them to prepare financially, so their university experience can get off to a smooth start."..
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Wed, 23 Feb 2011
