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Bank Claim: Consumers 'should be mindful of interest rates'

Those people who have used credit cards to fund their festive purchases this year may want to check to see if they are eligible to make a payment protection insurance (PPI) claim or seek loan refunds.

Rachel Springall, spokeswoman for Moneyfacts.co.uk, said plastic purchases have the potential to make a person's financial situation worse and consumers should always be aware of how much their loan provider charges them in interest.

She said that consumers should avoid those lenders with high interest rates and find options more suitable to their needs.

Ms Springall also advised individuals not to rely on their overdraft for too long.

"Customers need to be aware of interest rates or daily charges, which can soon mount up if you stay in your overdraft for an extended period of time," she stated.

This comes after Consumer Focus warned that many people were being priced out of the banking system by high charges.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801248479-ADNFCR



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