Now is the time to take control over your debts. It's sensible to start by paying off the most expensive debt first, so don't waste this opportunity to get rid of those costly credit cards. Switching to a cheaper credit card and/or paying back just a small extra amount each month can be really effective, especially if you are currently paying off just the minimum each month.
Cardiff, UK (PRWEB) September 9, 2009
Confused.com has launched a new tool which enables customers to see how likely they are to be accepted for the credit cards offered on its site. Confused.com is the first price comparison site to offer this tool which, as well as being free to use, leaves no credit footprint.
Switching to a cheaper credit card can go a long way towards reducing debt. However customers need to be careful about damaging their credit profile when applying for cards they are not accepted for. Confused.com's new tool (built in association with Callcredit) alleviates this potential pitfall by showing which card applications are most likely to succeed when they compare credit cards.
Joanne Garcia, Head of Credit Cards at Confused.com, says, "Now is the time to take control over your debts. It's sensible to start by paying off the most expensive debt first, so don't waste this opportunity to get rid of those costly credit cards. Switching to a cheaper credit card and/or paying back just a small extra amount each month can be really effective, especially if you are currently paying off just the minimum each month."
"But as the rules around lending get more stringent, trying to switch credit cards can be a time-consuming and frustrating exercise. The tool on our site will give customers the confidence that they are applying for the right product which should save them both time and incurring unnecessary credit footprints."
"If you can't switch to a cheaper credit card, you can still make staggering overall savings by making more than the minimum repayment every month."
"For example, if you have a credit card debt of £5,000 on a standard rate of 14.9% and pay back the minimum of 2% each month, it could take 36 years to pay it back and you'd pay nearly £7,000 in additional interest. By paying just an extra £10 a month, the debt would be repaid in just over 16 years, and the additional interest paid would be a far less eye watering £4,200. If you could stretch to paying off an extra £50 per month, it would take just six years to repay the original debt, plus just under £2,000 in interest."
For further information please contact:
Press office: Confused.com, 02920 434 398
Joanne Garcia, Head of Credit Cards: Confused.com, 07792 981 462
Notes to editors
(1) Assuming a starting balance of £5,000, a credit card APR of 14.9% and that the current repayment made is the minimum of 2%.
Confused.com is one of the UK's biggest and most popular price comparison services. Launched in 2002, it generates over one million quotes per month. It has expanded its range of comparison products over the last couple of years to include car insurance, home insurance, travel insurance, pet insurance, van insurance, motorbike insurance, breakdown cover and energy, as well as financial services products including credit cards, loans, mortgages and life insurance.
Confused.com is not a supplier, insurance company or broker. It provides a free, objective and unbiased comparison service. By using cutting-edge technology, it has developed a series of intelligent web-based solutions that evaluate a number of risk factors to help customers with their decision-making, subsequently finding them great deals on a wide-range of insurance products, financial services, utilities and more. Confused.com's service is based on the most up-to-date information provided by UK suppliers and industry regulators.
Confused.com is owned by the Admiral Group plc. Admiral listed on the London Stock Exchange in September 2004. Confused.com is regulated by the FSA.
Callcredit (http://www.callcredit.co.uk) is the UK's most innovative, state-of-the art credit reference agency, with an extensive range of information and value added services for businesses and individuals.
Callcredit has harnessed state-of-the-art information technology with an unrivalled knowledge of the industry's needs to develop a range of innovative information solutions. Solutions that are enabling major lenders and a host of other blue chip companies to address regulatory requirements, make better credit decisions, target new customers more effectively and manage existing customers more profitably.
Callcredit is one of six core businesses that form the Callcredit Information Group (http://www.callcreditgroup.com)