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Those with credit card debt may find they need extra help if they are unable to switch to a cheaper account.
With large balances having been built up by many ahead of Christmas, January is a time when a lot of consumers will seek to get their debts under control and MoneySupermarket.com has sated that those who switch to a zero per cent card can save hundreds of pounds.
Head of loans and debt at the site Tim Moss said: “Moving onto a zero per cent interest product is a no brainer – it allows you to pay off your existing balance over time without accruing additional interest.”
However, some who are in debt may find they are turned down for a card, not least if they have missed payments on their existing account and have thus harmed their credit rating.
In such instances, struggling consumers may find a debt management plan is the best way forward – or even an individual voluntary arrangement if the debt is over £15,000 and unmanageable.
According to Credit Actions latest figures, total UK personal debt stood at £1.451 trillion at the end of November 2011.
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