Credit card debt consolidation issue highlighted by moneysupermarket.com

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Credit card debt consolidation issue highlighted by moneysupermarket.com

A source from price comparison site moneysupermarket.com has urged consumers to be smart when using their credit cards over the coming weeks.

Kevin Mountford, head of banking at the firm, pointed out that some accounts offer generous rewards for spending and can be a good way of getting better value for money.

However, he noted that such products will often sting people with high interest rates if they cannot pay back in full when their statement arrives.

Mr Mountford advised people to be sensible and not use this type of credit card if they are not realistically going to repay the balance.

"This Christmas is going to be especially tough on the nation's finances, so it's no surprise to see many consumers turning to their flexible friends to tide them over," he added.

According to moneysupermarket.com, people could boost their finances by ensuring they get maximum returns on their savings, with its research suggesting Isas could potentially offer up to 22 per cent more than one-year bonds.

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