Move Your Debt to a Zero per Cent Credit Card Today to Save Hundreds of Pounds

CHESTER, England, January 16, 2012 /PRNewswire/ --

• Review all household bills to save your family £1,000

With Christmas now behind us and many consumers looking to consolidate their debts, MoneySupermarket.com analysis shows that hundreds of pounds can be saved by moving to the best zero per cent credit card deals on the market.*

Those unable to pay off their debt quickly and looking to spread the repayment costs over a period of time should ensure they have moved their outstanding credit card balance to a new zero per cent balance transfer card to potentially save hundreds of pounds in interest. For example, by moving an existing £3,000 debt to the market leading 24 month balance transfer card from Barclaycard and repaying £125 per month over the interest free period, a huge £702 can be saved in interest compared to sticking to an existing card with a market average rate of 18.41 per cent APR and paying the same £125 a month.  

Tim Moss, head of loans and debt at MoneySupermarket, said: "For consumers still struggling to pay off their existing credit card balance, now is the time to act and move it onto a cheaper deal to help save hundreds of pounds in interest. 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. It is important to think about how you plan to pay off the debt and budget accordingly otherwise you could find yourself still paying off your debts when the promotional offer comes to an end.  Also make sure you set up a direct debit for at least the minimum repayment as missing a payment would result in you losing the promotional deal.

For many a personal loan may be a better option, especially if you cannot afford to repay the outstanding debt over the term of the best promotional offers available. If a new credit card or personal loan is not available to you, then focus on repaying the debt with the most expensive interest rate first as this is likely to be costing the most, but maintain at least the minimum repayments on each debt. If your debts are unmanageable then speak to your provider or seek immediate help from one of the free debt advice services such as Citizen's Advice or The Consumer Credit Counselling Service (CCCS) who will be able to offer help and advice. If a Debt Management Plan is right for you then ensure you choose a DEMSA accredited provider."

Those consumers looking for a personal loan to repay their debts will have to pay more for the privilege but can fix their loan repayments over a longer period. For example, borrowing £3,000 over 3 years would cost £99.79 per month with Sainsbury's Finance but you would pay a rate of 12.9 per cent and £592 in interest over the term of the loan.

Tim Moss added: "If you are unable to switch to a better deal, take the time to assess your outgoings and find ways to pay off the debt as quickly as possible. Reviewing all of your outgoings and seeing where you can make savings can really help free up cash which can be used to pay off your debts. In fact, families can save £1,000 on all of their household bills by using our site - including energy bills, home and car insurance."

Notes to editors

* Compared to making a £125 monthly repayment on a credit card with a balance of £3,000 with an industry average APR of 18.41per cent

MoneySupermarket.com's customer commitment

• No other site compares more prices or products
• We are independent so only find the best deals for you   
• The price you see is the price you pay - you don't need to go direct and you won't get a better deal doing so   
• Your details are safe with us and we won't sell them to anybody

MoneySupermarket.com compares (at 22^nd December 2011)

• 86 car insurance providers and 78 home insurance providers
• 11 broadband providers and 18 energy providers   
• 30 unsecured loan and 5 secured loan providers
• 62 mortgage lenders and 25 credit card providers
• 70 savings providers and 36 current account providers.
• Over 1,000,000 mobile phone deals

We promise to be clear and impartial

• All the products in our full search results tables are displayed in a completely unbiased manner.
• We don't add fees or commissions on to the prices we compare.
• There may be times when another site compares more companies than us on a particular product, perhaps because of market changes or technical issues. You'll be able to see this and know we are working hard to fix it.

We promise to be trustworthy

• We never use your data to make unwanted sales calls or send you spam.
• We never pass your personal information to third parties unless you give us permission to do so.
• Even if you choose to receive additional information from us, you can opt out at any time. 
• We promise to be supportive.
• You can use our community forum to get information and help from other customers.

If you need further help or support, you can contact our sales advisors, customer services agents.

For further information, please contact:

Paul Lawler
PR Manager (Financial Services)
+44(0)1244-370317
[email protected]

SOURCE moneysupermarket.com

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED