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Despite the fact that the worldwide economy is on a slippery slope it seems that less people filed for bankruptcy in the first quarter of 2008 compared to the same period last year. Figures...
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Monday 11th February 2008
Borrowers who swap credit card providers to take advantage of cheaper interest rates should curb their spending immediately after securing their new deal, a price comparison site has warned.
A study conducted by MoneyExpert found that 5.9 million people switched credit card provider during the last six months of 2007.
In so doing, they are able to more effectively manage their debts due to favourable introductory terms offered by providers, including zero per cent balance transfers and reduced interest rates.
However, according to Sean Gardner, chief executive of MoneyExpert, borrowers who use the practice as an opportunity to defer debt rather than repay it are saving up trouble for the future.
He warned: "The worry is that consumers will see a zero per cent deal as a chance to service debt rather than repay debt.
"That is a precarious situation as sitting on debt often leads to spending more elsewhere."
Young people were identified as the demographic most likely to be struggling to deal with their debt, with one in six 25-34 year olds confessing to switching provider during the last six months to cope with repayments.
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