January ‘a good time for finance deals’

Consumers are being urged to make debt management their new year’s resolution by Sainsbury’s Bank.

Head of cards Donald Macleod explained that as bills for Christmas expenses should all be sent by now, it is a good time for people to look at their finances and assess their situation.

“Appraise where you are and see if there’s a better way of handling that debt; look at loans, look at restructuring, the zero per cent interest rates out there,” he advised.

Mr Macleod claimed that there are often excellent deals on financial products at this time of year and that people can choose the right deal to suit their situation.

An estimated 18 per cent of total Christmas spend was placed on credit cards, according to the firm and 438,000 people think it will take them over a year to clear their debt.

However 25.63 million people predicted their festive borrowings would be wiped out by the end of January.

© Adfero Ltd

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