Wednesday, February 11, 2009
Category:
Consolidation
According to Halifax credit cards, 32 percent of Brits planned to make New Year resolutions for 2009.
However, the usual health-related resolutions seem to have largely been replaced by a determination to review personal finances. In fact, 57 percent decided upon this.
It would seem that the majority of people are sticking to this particular resolution, judging by the uplift in customers applying for a credit card balance transfer. For many, the beginning of a new year is the favoured time at which to transfer debt away from store cards and loans, which are generally the more expensive products.
In an attempt to assist Brits in getting their finances in order, Halifax credit cards have unveiled a new online credit card deal. The All-In-One credit card provides 0 percent for 9 months on both transfers and purchases, which could save an average credit cardholder over £151.
Head of Halifax Card Services, Alan Brindley, said: "Our own figures show an uplift in the number of people seeking to take advantage of balance transfer deals. We're delighted to see many people are organising their finances after the festive period.
"The online All-in-One credit card deal is a great offer which could save our customers significant sums in interest payments. The card is ideal for customer who would like to reduce the cost of their spending or even reduce the cost of outstanding debt through a balance transfer."
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Homeowners that are juggling multiple credit and store card repayments may wish to consider merging their debts by means of a secured debt
consolidation loan. This option could result in just one simple, potentially lower, monthly repayment. In addition, secured loans are repayable over a term to suit the borrower, from 5 to 25 years. However, it must be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment period of your debts.
