Choose credit card 'on circumstances'
Published on : 29/06/2007
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Consumers should consider their own circumstances when choosing their credit card deals, an industry expert has said.
Stephen Rose is director of the Debt Advice Bureau. He says that consumers could save hundreds of pounds on the credit card bills by trawling online comparison sites and tailoring their choice of card to match their needs.
His comments come in the wake of research from the Office of Fair Trading - which showed that 50 per cent of consumers do not compare their existing credit card deal with others on the market.
"There are a sufficient number of comparison sites out there where you can go and have a look at what is available so you have a shortlist," Mr Rose said.
"It doesn't take a great deal of time - 15 to 20 minutes maybe - and if you're talking about £5,000 worth of debt that saves you five percentage points per annum for five years, that adds up to £1,250, which is not a bad saving for 20 minutes of work."
