Credit cards usually get a bashing over Christmas. The good thing about them is that you are in charge of what you pay off and when. So set yourself a programme of reducing this debt over the next few months. The cheapest way to do that is take on a new credit card which has a low or even zero rate of interest on a transferred balance. Move the balance over, dont use that card for any spending, and pay off a set amount each month until the debt is gone. Use your existing card now with no debt for your spending and pay it off each month. Or cut it up and use a debit card instead. Find the best credit card deals at www.moneyfacts.co.uk
Gas and electricity bills can be big at this time of year. But people who have not changed from British Gas or their local electricity supplier and that is most of us can save an average of £100 a year by switching supplier. You can find out which is the best for you on www.uswitch.com. If someone in the house is over 60, also try StayWarm fixed price gas and electricity which may not always be the cheapest, but you can use as much fuel as you need to without fear of high bills. Call StayWarm 0800 1 694 694.
For more finance tips, listen to Paul Lewis on Money Box, Radio 4, Saturday at midday, repeated Sunday at 9pm and on www.bbc.co.uk/moneybox
12 January 2002
e-mail Paul Lewis on paul@paullewis.co.uk