Moneyspider in the News
23/12/2007
More debts on the cards
The People
Christmas will leave millions facing money misery in the New Year.
A last-minute £12 billion seasonal spending splurge has left many families facing a financial crisis
Expert Richard Brown, of Moneynet.co.uk, said: 'Britain's personal debt is on course to increase by £1 million every four minutes in 2008.'
'But don't let lenders have it all their own way. If you have to borrow, shop online for the cheapest deals.'
He also warned of the temptation to take out a store card.
Richard said: 'When Christmas shopping and the January sales take their toll, store cards are especially tempting.
'But the typical 10 per cent savings offered on an initial purchase will be quickly wiped out if debts are not cleared.'
Case Study
Retired Royal Mail office supervisor David Burton took control of his finances six months ago. Since then he's boosted his investments by £5,000.
David, 65, from Motherwell in Scotland has six individual savings accounts recommended by an adviser.
He said: 'But when I went online to check the performance of the funds at www.moneyspider.com, I discovered they were all performing badly.
'I switched then all into better-rated funds and since then my portfolio has done much better than it would have done otherwise.'
|
