Credit card debt consolidation can save people money, advises Money.co.uk

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Credit card debt consolidation can save people money, advises Money.co.uk

Wed 1st Dec 2010

Consumers who want to save money on their credit card bills can use balance transfers to cut down the interest they pay, a source from money.co.uk has noted.

Chris Morling, managing director of the comparison website, explained that the best way to cut costs on credit cards is to understand what the accounts will be used for.

In his opinion, if people are planning on using a card regularly, then they will want to look out for a product with a low APR.

However, for those who want to consolidate debt from other accounts, a card with a longer interest-free period will suit them better and allow them to save money.

Mr Morling added: "There is no doubt about it - credit cards can push most people into debt if they don't use them correctly."

A recent study by Sainsburys Finance showed that 1.2 million people in the UK spend £1,000 or more on their credit cards on the internet each month.

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