Abacus Daily Debt News

Debt-burdened urged to swap to 0% credit card

Those in need of debt help due to large credit card bills have been urged to consider applying for a new credit card that offers zero per cent interest on balance transfers.

David Kuo, head of personal finance at money website fool.co.uk, stated that it is hard to find cards that offer such a deal in the current climate, but those people who are able to access one have been advised to make the most of the opportunity.

Mr Kuo said that debt-burdened consumers should "transfer whatever balances they have to a zero per cent card and take advantage of the interest-free period to sort out their finances".

Then these consumers should throw away their old card and use their interest-free period to implement a debt management plan and sort out their financial affairs, he remarked.

Research published by Abbey last week revealed that Britons are needlessly paying £9 billion in credit card interest every year.

By Rosie Park