Debt problems – zero per cent card

People struggling with debt problems because of borrowing on credit cards, could find some relief by using a zero per cent balance transfer card.

That's the advice this week coming from price comparison site, moneysupermarket.com.

The website suggests that in collective terms, Britons are throwing away as much as £2.3 billion in credit card interest, every 12 months.

The mistake many people make is allowing their debt problems to remain on credit cards where debts keep building up interest, and 46 per cent of UK credit card holders aren’t paying of their debts in full, with each passing month.

In order to avoid such debt problems people might want to think about transferring their outstanding balance to a zero per cent credit card.

As a result, moneysupermarket.com says this should save consumers as much as £279 a year on interest payments alone.

Head of banking at the price comparison site Kevin Mountford says: "It is crucial consumers look to pay off their debt quickly and efficiently to prevent additional interest from accruing."

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