Fair Investment Company: Credit card users may save by switching - 31/12/2007

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People who switch credit card providers in the new year may save money on interest charges, Fair Investment Company has suggested.

The independent online finance portal has recently released its Guide To Getting Debt Free, which provides several tips to reduce debt and cut down on household costs.

"Most money-saving is down to common sense," explained James Caldwell, director of the company.

"One simple tip for credit card users is to make sure you are not paying unnecessary interest charges," he added.

Mr Caldwell explained that by switching credit card providers with a zero per cent balance transfer, people can take advantage of more time to manage their finances, particularly after the holiday season.

However, he cautioned that people should be wary of the expiry dates on introductory credit card deals and may wish to look for any restrictions about minimum monthly spending before transferring their balance.

According to figures published by Credit Action, last Christmas, spending on plastic cards accounted for around 63 per cent of total retail sales.

The debt charity also cited figures from Grant Thornton, which estimated that during the first three months of 2007, around 10,000 personal insolvencies were the result of excessive spending over Christmas.

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