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Britons making more effort to reduce credit card charges

Britons are increasingly keen to consolidate their debts in order to avoid costly credit card charges and other excessive fees.

Many people are lured into taking out a credit card by attractive interest rates, but more often than not these rise significantly after a specified period - usually between six and 12 months.

Skipton Building Society recently revealed that levels of spending on plastic were reckless in 2011 and consumers are going to feel the full force of this in the first few months of 2012.

However, according to Sainsbury's Finance, many people are already taking measures to cut down their debts by taking out low-rate loans that will be used to pay off credit card arrears that are attracting high levels of interest.

Head of Sainsbury's Loans Steven Baillie said that consumers should shop around for the best loan packages.

"Consolidating the debt could make a big difference by making it easier to budget monthly outgoings," he remarked.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801293674-ADNFCR

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