Sainsburys Finance urges consumers to clear credit card balances

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Sainsburys Finance urges consumers to clear credit card balances

Fri 3rd Sep 2010

It is important that people clear the balance of their credit card each month, according to a finance expert at Sainsburys Finance.

Head of credit cards at the organisation Stuart McKeggie encouraged people to consider a balance transfer, if they do not have sufficient cash to make sure no interest is charged on a debt.

In his opinion, this type of transaction allows people to budget for how they can pay off an amount over a longer period of time.

Mr McKeggie said: "If you don't think you will be able to clear this within a month, you should consider taking out a new credit card that offers an attractive interest-free period on purchases."

He stressed that credit cards can still be a great way of paying for larger items such as holidays, but individuals must make sure they manage their debt.

Last month, the company unveiled two new savings products - the one and two-year fixed rate bonds, offering 2.8 and 3.55 per cent interest respectively.

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