Following UK Finance’s latest lending update, Tashema Jackson, money expert at uSwitch.com, says: “The growth of outstanding credit card debt, at the highest rate since the financial crisis, could be a wake up call for millions of consumers who are ever more reliant on their credit cards to make up the shortfall on their essential household purchases. This is particularly true as the cost of running a home has increased by nearly £500 in a year, putting further pressure on household budgets.
“For many other consumers, managing your debt can prevent you from falling into that cycle. Where possible, consider moving your credit card debt onto a card with a 0% balance transfer offer, as that would ensure you pay no interest on your outstanding balance. Giving you some much needed breathing space to pay it off.
“Don’t forget, when it comes to repaying your credit card debt always try to make more than the minimum repayment. It can make a lot of difference in the long run.
“However, if you find yourself trapped in a cycle of debt, don’t despair, there are charities such as StepChange that can provide you with support to beat the downward debt spiral. Get in touch and find out how they can help.”
— ends —
Launched in September 2000, uSwitch is an online and telephone price comparison and switching service, helping consumers get a better deal on gas, electricity, broadband, TV services, mobiles and personal finance products including mortgages, credit cards, car and home insurance. Last year we saved UK consumers over £278 million on their energy bills alone.
Customers can sign up to an account that automatically monitors the energy market and notifies them when they can move to a cheaper tariff, while broadband customers can conduct a speed test to find out how fast their broadband is and identify the best deal for their postcode.
The multi award-winning 'Switching Made Simple' app allows customers to compare energy, broadband, credit card, mobile and SIM-only deals – and uSwitch also has a UK contact centre manned by energy and broadband experts. Customers can post their latest energy bills to FREEPOST USWITCH to receive a free call back and be guided through the comparison process, or they can email email@example.com with their postcode and usage details.
uSwitch is owned by ZPG, which operates some of the UK’s most trusted digital brands that help empower smarter property and household decisions including Zoopla, Money, PrimeLocation and SmartNewHomes.
If you would no longer like to receive our press releases please email firstname.lastname@example.org with 'unsubscribe'.