Are You Using Your Credit Card For Christmas This Year?
November 30, 2009
Recent research, by moneysupermarket.com, has shown that 66 % of Brits have not saved enough money for Christmas this year. 18 % have saved enough, 34 % are on target to have saved enough and 17 % said they are turning to a credit card, resulting in many getting themselves into debt in order of being able to provide a perfect Christmas for the family.
Head of banking at moneysupermarket.com, Kevin Mountford, said “Christmas is always a difficult time of year financially and the current economic climate is not making things any easier. Preparation is the key during the festive season and consumers who have saved will be able to start the New Year without the burden of Christmas debt hanging over them”.
Those who have decided to go down the credit card route should be using their head when deciding about how to go about this, with Mr Mountford adding that for those people looking at using a credit card a deal with 0% interest on purchases would be the best option.
He added “Provided you are able to pay off the balance in full within the zero per cent period, these cards are a good way of spreading the cost of Christmas”, pointing out that consumers should not be spreading the payments to after the 0% interest period as they could still be paying the credit card off the next time Christmas comes around.
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