Take stock of finances in the new year

| January 3, 2008 | 0 Comments

A study by uSwitch backed by the Financial Services Authority (FSA) has established that interest repayments in Britain have rocketed by £12.7 billion to a record high of £93 billion a year suggesting that millions of Britons could be left unable to manage with the rising cost of their debts.

Sainsbury’s Bank is advising consumers to shop around and take advantage of credit card deals and that ‘taking stock of finances is key for the new year’. Donald MacLeod of Sainsbury’s Bank recommends that credit card holders attempt to pay above the minimum interest required.

He suggested shopping around to see what other deals are on offer and compare it to what you are currently getting from your provider, this may well provide an opportunity to review payments.

According to Apacs, the UK’s payments association, last year Britons spent £159.8 billion on plastic cards which comprised £61 billion on credit and charge cards.

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