Britons should review whether switching credit card providers or taking out a personal loan could put them in a better financial position this year, according to Nationwide Building Society.
"For those who have chosen to borrow money to fund Christmas, now is a good time to review how they will pay off that debt," says Stuart Bernau, executive director at Nationwide.
The society suggests those looking to find a personal loan or credit card deal should consider interest rates and borrowing fees when shopping around for credit.
They are also urged to see how payments are allocated to credit card bills, as most credit card providers leave the payment of the largest purchases until last. This adds to interest payments, Nationwide says.
Debt consolidation through personal loans over a fixed period is another way to reduce what is owed, according to the society.
Nationwide also found in a survey that Britons are generally optimistic about their financial prospects in 2006, with four in five believing they will be no worse off this year than last.
This optimism, Nationwide believes, is down to the fact that over half of adults will fully repay their Christmas debt by the end of January, leaving them more in control of their financial situation.
Consider personal loan says Nationwide
Consider personal loan says Nationwide
Thu, 05 Jan 2006
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