Personal loans are more cost-effective than store credit cards for Christmas shopping

- LONDON, UK, December 28, 2006 - According to a research undertaken by the Alliance and Leicester bank, about one-fourth of the UK citizens use store credit cards to meet their Christmas expenses. The allure of store credit cards is such that one tends to overlook the extra charges associated with these cards. The sales staff in the various departmental stores lures people to use a store credit card, by promoting the discounts available with the card. The discounts tempt customers to use the store card now and then. This proves costly in the long run as the interest to be paid against the card piles up with the use of the store card. According to the research, use of store credit cards can result in spending about 1500 extra.

Richard Al-Dabbagh, the senior personal loans manager at Alliance & Leicester, suggests that a low-cost personal loan is a more cost-effective option as compared to store credit cards, for coping with the increased demand of finance due to the festive season. A low-cost personal loan ensures that the debts are manageable and a borrower can save enough money to enjoy the New Year.

28.12.2006 - 21:56 Source: 24-7pressrelease.com | Read: 345 X