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| Christmas Credit Where It Is Due |
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Christmas Credit Where It Is Due
There aren't many people who enjoy thinking about finance at
Christmas, but when you consider that it's the time of year when
we're likely to spend the most money - perhaps the management of
our personal finances deserves more time.
If you're looking for a more short-term form of borrowing, then
a credit card might be the most suitable method. As you will
have seen from the numerous advertisements for credit cards in
the media, the credit card market is highly commercial, highly
saturated and keen to get your attention and commitment. The
choice of cards available does give the consumer great freedom
of choice, but without researching the best cards available, it
is easy to sign up to a card which looks fantastic on the
surface, but may turn out to be something more sinister.
You may have one or more existing credit cards and it's tempting
to put the Christmas shopping straight on to these. Yet it may
be worth considering whether you can actually get a better deal
on a new credit card, not only in terms of interest free credit
for a limited period on all balance transfers, but also a better
interest rate - typically referred to as the APR (Annual
Percentage Rate). Also read the small print for penalty charges,
as companies will vary on these.
Personal loans may also be a consideration, but you will have
less control over how you pay these off. Like credit cards,
there is considerable choice for the consumer in the personal
loan market and it is important to shop around. Be aware that
although some personal loans are advertised with a low APR, the
actual APR you are offered may depend on your credit record.
Sites such as moneynet ( http://w
ww.moneynet.co.uk/credit-card/index.shtml ),
moneysupermarket and lowermybills ( http://www.lowermybills.com ) offer price comparison research on personal loans.
Most of us will exploit some form of credit at Christmas,
whether that's through a credit card, personal loan or possibly
borrowing from a friend or relative. A more drastic form of
borrowing can include remortgaging, though it's always worth
undertaking some homework to investigate whether this would be
cost-effective. The BBC has a useful article on remortgaging,
which explains what you should look out for and what to expect.
( http:/
/newswww.bbc.net.uk/1/hi/business/4252226.stm ).
Credit has its uses, but be aware that whatever you buy in
December, could come back to haunt you in January. Indeed the UK
already has a bad name for consumer debt with the Telegraph
recently reporting that the number of individual insolvencies in
the UK has risen by 46% since last year. If you're looking for
some money saving ideas, both Credit Action and moneynet have a
range of downloadable consumer information guides for general
finance enquiries and suggestions on how to save money at
Christmas.
Additional resources:
http://www.moneynet.co.uk/christmas-savings-guide/index.shtml
http://www.creditaction.or
g.uk/
* * * * * * * * * * * * * * * * * * * * * * * *
About the author:
Rachel lives in Scotland and writes for the personal finance
blog Cashzilla:
http://www.cashzilla.co.uk
Contact details:
Rachel Lane
E-mail: rachel@positiveinterest.com
Phone: 0131 561 2251
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| Category
christmas and new year celebration |
Author
David Gabbitas |
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