Financial review ‘vital to start off 2008’

Consumers should be aware that reviewing their finances is a crucial part of starting the new year, according to Sainsbury’s Bank.

The firm claimed that in doing so, consumers can work out how to manage their debts and spend more wisely.

Donald MacLeod, head of cards at Sainsbury’s, advised borrowers to try and pay more than the minimum monthly payment required on their credit cards.

“The other thing is to look around and see whether there are better deals than what you’re currently getting from your provider, and that may well offer you an opportunity to reassess your costs,” he added.

According to UK payment association Apacs, consumers were estimated to spend £53 billion over the Christmas period, with 64.3 per cent of this to be spent on plastic cards.

The association reports that in 2006, the average number of cards per person was 2.4 credit cards and 1.6 debit cards.

© Adfero Ltd

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