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"Consumers advised on post Christmas credit cards"

By admin | January 29th, 2009 | Credit Cards

Consumers in the UK are being advised to find the right credit card to help them to get over their financial hangover from Christmas, with many having given their existing credit cards a good battering over the festive season.

However, consumers are also advised to act quickly, with industry officials stating that the credit card companies are becoming more and more stringent all the time, and that those that do not take swift action to get the right card may end up not being able to get a card at all.

The number of credit card deals on the market has already fallen according to reports, which means that many of those hoping to switch to a better deal or a cheaper rate may find that they have little or no success.

With the first few weeks of the year also amongst the busiest times of the year, consumers may find that processing of applications takes much longer, and those in a rush to switch to a cheaper card in order to save on interest need to be fast when it comes to getting their application in.

One official added that finding the right card was more important than ever for those that had spent on their cards over the festive season, particularly given the current financial situation. He said: ‘Christmas is not a time renowned for sensible financial planning and as a result many consumers start 2009 with a nasty and often unexpected debt hangover. In an attempt to take charge and manage their finances many look for a Balance Transfer credit card. Given that this year is likely to be financially tighter than most, finding the right card has never been so important.’

Tags: christmas credit cards, credit card debt

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