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Brits should be aware of when interest-free deals end to avoid credit card debt

Brits should be aware of when interest-free deals end to avoid credit card debt

- Tuesday, 26 April 2011

Brits that have taken out a zero per cent interest credit card need to be aware of when the offer ends to avoid accruing debt problems.

Such is the opinion of Andrew Hagger, spokesman for price comparison site moneynet.co.uk, who stated that most credit cards offer interest-free periods lasting 17,18 or 20 months.

He stated that this is a good option for those wanting to borrow money but Brits need to know when the introductory deal ends to avoid credit card debt as the interest rate may be high.

Mr Hagger explained how consumers can get into debt by not checking when the interest-free period ends on a card.

He said: "It certainly wouldn't help them if they are signing up to a card - if it's got a higher than average rate on it then it makes life harder for them when they are trying to repay their balances."

On April 20th, MyVoucherCodes.co.uk revealed that 52 per cent of Brits that have borrowed money in the past 12 months are unaware of the interest rates on the product.
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