Scottish Widows: Know borrowing costs before taking out credit card
People should make sure they know the true cost of borrowing before they take out a credit card, according to advice from Scottish Widows.
Scottish Widows: Know borrowing costs before taking out credit card”
The mutual life office suggested interest charges can increase the total cost of a purchase considerably.
Scottish Widows also advised working out a plan to pay off debit, tackling loans such as credit cards while prioritising mortgage payments, tax bills and utility bills.
Non payment can have serious consequences, the organisation commented.
Scottish Widow's comments follow the release of research in collaboration with IFP champion employers, which showed many people would like the opportunity to receive financial advice in their work place.
It is to offer workplace financial planning seminars to help employees learn how to manage their finances better so they can plant for their futures.
John Taylor, market director of corporate pensions at Scottish Widows, said: "Financial planning in the workplace is a great way to alert everyone to the importance of saving for the future, and raises awareness of the need to prepare adequately for retirement."
Research from Scottish Widows has recently revealed the average amount of non-mortgage debt, including credit cards and personal loans, that retired people owe is £7,344, up from £5,930 in 2007.
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