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| Credit card cheques won't bring borrowers comfort and joy this christmas, warns moneynet |
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Credit card cheques won't bring borrowers comfort and joy this christmas, warns moneynet
Credit card cheques won't bring borrowers comfort and joy this
christmas, warns moneynet - Moneynet supports Government's
sentiment on unsolicited credit card cheques - Borrowers are at
risk of compounding Christmas debts Consumers using credit card
cheques to cope with their Christmas expenses will find their
debt weightier than ever after the festivities are over, warns
online personal finance comparison service Moneynet (
http://www.moneynet.co.uk ) "We have always advised consumers to
avoid credit card cheques like the plague," said Moneynet chief
executive Richard Brown. "Many people have no idea that these
cheques carry extra charges and do not work like the credit card
in their wallet. It's unethical and irresponsible." At
Christmas, when finances are stretched to breaking point, these
unsolicited cheques can be very seductive - it's tempting to
take up what looks like a handy lifeline just to get through to
next pay day, but the hangover that comes with them is very
costly. A Government consultation was launched last week to
consider whether to impose a ban on plastic card cheques being
sent to consumers who have not requested them. Consumer Minister
Gerry Sutcliffe said unsolicited cheques could be banned in the
future. "There are several traps involved in using these
cheques," said Brown. "Firstly, the amount spent is charged at a
higher rate of interest than when making purchases using the
credit card itself. Added to that is a handling fee of as much
as 2%, plus there is no interest free period as with ordinary
credit card spending. "Sign your name on one of these cheques
and you could find yourself paying as much as a massive ?35
extra. There are many cheaper ways of borrowing for Christmas
than this." Press enquiries Richard Brown, Chief Executive, 020
8313 9030 David Andrews, David Andrews Media Ltd 01273
774109/07941 255855 david@davidandrewsmedia.co.uk Cathy Tully,
David Andrews Media Ltd 01273 774109/07747 196854
cathy@davidandrewsmedia.co.uk Consumer enquiries:
michael.hanna@bigmouthmedia.com http://www.moneynet.co.uk
Editor's notes Moneynet ( http://www.moneynet.co.uk ) is the
UK's longest established online personal finance research and
data analysts. The company offers consumers a choice of
thousands of low cost financial services products. From
mortgages, personal loans to motor, home and medical insurance,
credit cards, savings accounts and best buy fixed rate products,
Moneynet is one of the most comprehensive online services of its
kind in the UK. Founded by chief executive Richard Brown, the
Moneynet brand is destined to become one of the UK's major
players in consumer finance products.
About the author:
Bigmouthmedia is one of the UK's leading Search Marketing
agencies, specialising in paid search, organic search, external
optimisation and online PR. Clients include MTV, Sony Ericsson,
Barclays, National Express, Tesco and Early Learning Centre.
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| Category
christmas and new year celebration |
Author
David Gabbitas |
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