Use balance transfer cards to pay off your debts
Maximise the savings on offer from the card's interest-free period, says expert
Use balance transfer cards to pay off your debts”
UK consumers have been urged to use balance transfer cards to pay off their debts, according to a financial expert.
Holly Thomas, writing for the Daily Express website, claimed that credit card users can save themselves a significant amount of money if they switch their balance to another credit card which offers an interest-free period.
She said: "The beauty of these cards is that every penny you pay back goes towards reducing the debt rather than lining the bank's pockets. This means that you will pay off the debt far quicker.
"If the interest-free period ends before you have cleared the debt, make sure you switch cards before the charges kick in."
Ms Thomas added that consumers who are not confident that they will pay off their balance quickly should consider switching to a card which offers a low APR rate throughout its lifetime.
It follows calls from Independent writer Rob Griffin, who claimed that Britons should always be on the lookout for better credit card deals.
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