Last chance to ease the financial burden of Christmas
With Christmas over, many consumers are now awaiting the dreaded credit card bill plopping onto the front doormat. In the excitement of the lead up to Christmas many consumers in the UK have gone wild with their credit cards, and according to reports 2006 has seen some of the highest Christmas shopping spending for a number of years, with many credit cards taking a real battering as consumers rushed around buying gifts, groceries, clothes, and more.
 Some consumers in the UK will repay the balance that they have accrued on their credit cards in one go, thus avoiding the additional pinch of having to pay hefty interest charges on the amount that they have spent over the festive period. Others were astute enough to ensure that they took out a credit card that offered a 0% interest on purchases period, giving them the ability to spread the cost of Christmas without having to pay interest charges on what they spent.
However, there are those that have gone mad with their high interest credit cards over Christmas, and are unable to repay the balance in full, therefore facing extortionate interest charges on the balance – which at this time of year is likely to be higher than normal. There is still hope, however, as you can still apply for a 0% balance transfer credit card and switch the balance on your high interest card before you are hit with the interest charges that will otherwise accrue on your balance.
By acting now and taking out a 0% balance transfer credit card consumers that charged their Christmas spending on their credit cards can eliminate the need to pay interest on top of the cost of their purchases, and can still enjoy spreading the cost of repaying the balance on their credit cards.
Alisdair Milton
1st January 2007
More Information:
- Quick Balance Transfer Guide
Balance transfers allow card holders to transfer the money they owe to their existing credit card to another, usually at a special rate of interest. The new credit card company pays off the old credit card debt and transfers it to the new card. This article will tell you how to play the game.
- The True Cost of Balance Transfers
Balance transfers are a great way to consolidate credit card debts into one place, especially when there are many 0% deals available. However, there are hidden costs.
- Successful Stoozing: A Guide
The introduction of 0% balance transfer deals brought a new financial practice which allowed people to use those deals to make money. The practice is known as 'stoozing' and it is closely related to credit card jumping. The difference is that successful stoozers have to be debt free, otherwise any gains made by stoozing will be lost in paying interest on credit cards.
- Causes and Cures Of Credit Card Debt
For some, credit cards can prove a temptation too far, and soon they find themselves in debt. Simple precautions will keep the savvy card holder from such dangers.
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