At this time of year with the summer holidays fast approaching a rising number of parents and families may be thinking about booking a getaway. However, in the current financial climate with people trying to cut back on their spending finding something affordable may prove to be a problem.
There was good news for credit card customers that are looking to transfer the balances off their high interest credit cards onto an interest free balance transfer credit card recently, with one major provider announcing that it was extending the interest free period available on its balance transfer card.
Many consumers will be glad to hear that the Zero credit card from banking giant Abbey has made a comeback, as this card could prove ideal for those that are planning to head abroad on their holidays.
According to a recent report many consumers in the UK are still failing to switch to 0 percent credit cards in order to save money on interest, despite the ongoing financial crisis and the struggle that many households are facing when it comes to their finances.
Earlier this month the Spanish owned High Street bank, Abbey, launched a new balance transfer credit card that could benefit many consumers.
Some industry officials and consumers have expressed concern because the interest rates that are being charged on some credit cards are still rising even though the base interest rate has plummeted to its lowest level in the history of the Bank of England, at just 1 percent.
A major credit card provider is said to have secretly doubled monthly repayments for its customers according to a recent report.
Many people that are hoping to keep switching credit cards this year in order to try and save money on interest may be in line for bad news, as it is likely that lenders will be increasingly rejecting applications as a result of a new process that has been put in place.
Every year many of us go through the all too familiar process of trying to get over the financial hangover from Christmas, and this year this could prove to be a particularly harrowing time as a result of the ongoing global credit crunch and the recession, which is making finances even tighter for most people. [...]
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