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Bank Loan: Credit card only a 'last resort' for Christmas spending

Consumers should generally only use their credit card for Christmas purchases as a last resort, according to an expert.

With less than two months until the big day, many consumers may be concerned about how they are going to finance their Christmas shopping spree.

Financial advice website has claimed that other sources of fiancé should be considered before signing up for a new credit card.

"If you have got other methods or ways of doing it then it's probably more advisable to go for those," said a spokeswoman for the website.

However, she did advise those who need a credit card to opt for one with a zero interest rate and pay it off as soon as possible otherwise consumers will end up paying significant interest charges.

One potential advantage of purchasing large items on a credit card is that there are regulations which protect the buyer if the goods are faulty or damaged.

"It's a good way of purchasing stuff. Particularly if you've got a large item that's worth over £100, because you obviously get the Consumer Protection Act and you get the protection on the goods," she said.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt ADNFCR-2776-ID-800207534-ADNFCR

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