UK Money News
30th January 2008
Borrowers urged to transfer debt to save
Borrowers can make significant savings on their personal loan repayments by transferring their debt to a series of credit cards, it has been claimed.
Recently, analysts had predicted that credit cards offering special introductory rates and zero per cent balance transfers would cease in the face of the credit crunch.
However, according to Chris Gilchrist of everyinvestor.com this has not been the case and borrowers are advised to take advantage of the favourable rates.
In so doing, they can save up £1,054 on a loan of £10,000 over a four-year term or just under £300 on a loan of £5,000 over two-years.
Mr Gilchrist said: "Lenders have raised personal loan rates sharply in the past six months, making most loans significantly more expensive.
"But credit card companies continue to offer lengthy zero per cent balance transfers, and even though you may pay balance transfer fees, this still works out well below the interest you would pay with a personal loan."
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