Credit card customers have been urged to consider using any savings they have to pay off their debts in the post-Christmas period.
According to figures from UK payments association Apacs, total spending on credit cards over the festive period was expected to amount to approximately £11.4 billion, meaning many credit card users may be facing a financing hangover this January.
Consequently, credit reference agency MyCallcredit has offered a range of tips to help banking customers effectively manage their credit card debts.
Among the advice is a suggestion that credit card users work out how much interest they are accumulating on credit card debts and money stored away in savings accounts.
If the former outweighs the latter, the organisation recommends that people get in touch with their financial services provider to divert their savings towards their credit card debts.
"There is an enormous temptation to overspend at Christmas and worry about it later," explained Melanie Mitchley, spokesperson for MyCallcredit.
"It is more important than ever that people monitor their debt situation and budget to pay back any overspending as quickly as possible."
Following the Bank of England's decision on January 11th 2007 to raise the base rates to 5.25 per cent, customers may find that the interest has increased on both their credit card and savings accounts.
Credit card customers should turn to savings, financing analyst suggests
Credit card customers should turn to savings, financing analyst suggests
Thu, 18 Jan 2007
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