Which? gives financial top tips
04 January 2007
Consumer group Which? has released a set of top tips to help people get over a post-Christmas financial hangover.
Particularly concerned with encouraging people to borrow safely and responsibly, the list advises people to be careful when choosing store cards, making sure to pay off the balance at the first statement to avoid accruing high rates of interest.
It also warns people to beware of credit cards which do not have a maximum balance transfer fee, and says that personal loans are best used when people want to borrow a larger amount over a longer period than vice versa.
"Many of us will have overspent over the festive period, or be planning large purchases in the January sales, so it's a good time to sort out our finances," said Malcolm Coles, editor of Which?
"It's really important to shop around to make sure that you get the best deal on credit. For those who already owe money it's very easy to transfer existing card balances to a credit card with a lower interest rate, but consumers should check the terms and look out for transfer fees to make sure that they know how much it will really cost them."
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