Take time to sort your finances, expert says

Mon, 28 Jan 2008

People who have overspent at Christmas should get their finances in to shape now, one expert says.

Lisa Taylor of Moneyfacts.co.uk, said: "In the last couple of weeks thousands of people will have taken a sharp intake of breath when they realised the extent of their Christmas overspending as their latest credit card bills hit the mat."

She said that rather than doing nothing, people should take this opportunity to switch their credit card to a cheaper deal, if one was on offer.

Ms Taylor also suggested that while people were looking at their credit card, they could also look at what else they could save money on.

She said that there were savings to be made on such things as car insurance, home insurance and personal loans, if people shopped around.

A study by uSwitch found that UK consumers currently owe around £222 billion on credit cards and unsecured personal loans .

It also said that the average UK household could save £605 in three years by transferring their credit card and other debts to a consolidation loan .
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