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Avoid credit card charges by consolidating debt

Brits who are in the red should try to avoid any credit card charges by consolidating their debt, according to a leading comparison website. revealed that people with existing debt at an annual percentage rate (APR) of 17.32 per cent could save as much as £830 in interest if they move their debt to a cheaper, interest-free credit card.

This is based on someone with £3,000 of debt who moves their card to a 24-month balance transfer product at Barclaycard and repays £100 a month during the interest-free period.

"For people who are struggling to pay off their credit card debt quickly, the New Year is a good time to take action. Moving leftover credit card debt onto a cheaper deal could save hundreds of pounds in interest," said Kevin Mountford, head of banking at

Nearly half (44 per cent) of people surveyed by the comparison site said they were hoping to clear debt from 2012 this year, while only nine per cent will pay off the minimum monthly amounts on their credit cards.

Amir Hussain
Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801526663-ADNFCR

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