June 26, 2005

Are you one of over 7 million British credit card customers, who are paying over the odds in credit card interest charges, than need be?

Well if you are then you now know that you are not alone and according to a recent report carried out by Credit Card Company, Capital One, they has made discovery’s in the way that we deal with our, that are bordering on incompetence. It has said that almost a quarter of all the credit card holders in the UK have a balance, on more than one card and 3 million of us don’t have a clue on what we are paying back in interest rates.

This led to a lot of credit card customers to go for a 0% balance transfer deal, to take a little breather on the amount of interest that they were paying on their debt, as they were not paying their debt off in full at the end of each month, but what they should be looking at, is maybe reverting to a credit card to a credit card that has a low APR, that stays low, rather than a 0% deal that shoots up to an APR of lets say 17.9% after the initial free period is over.

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Another tip could be to look into your purse or wallet and work out, which that are needed and which ones you can do without, this way you will cut out any worries of working out which card carries which interest rate, meaning you could be making a purchase on a credit card on a high interest rate, that could have been made on one of the cards with a lower APR.

Capital One also said that 2 million credit card holders, don’t even have a clue on how much of a balance that they currently hold on their and 30 million of the British public own on average of 2.3 credit card each, which means if my counting is right, there are 4.6 million out there, that apart from the credit card companies, know one knows how much is owed to them.
So to cut out much of the confusing regarding your credit card balances, it may be better to transfer all the balances from al that the cards that you have on to a credit card that has a lower permanent interest rate, leaving you knowing where you stand on not only what you owe but also how to save your self some money in the long run.