Christmas credit - loan or credit card?

Wednesday, December 7, 2005

During the Christmas season, it is well documented that many people seek credit through a credit card, store card or personal loan, for example.

This year the Office of Fair Trading (OFT) has got together with financial organisations, money advice agencies and trading standards departments to help 18-24-year-olds decide how best to manage a loan or credit this Christmas.

"Credit helps consumers spread their commitments over the year. It is of growing importance to young consumers and is already an established part of their financial landscape," said John Fingleton, OFT chief executive.

"Our campaign aims to give this group the skills they need to budget and be as savvy borrowers as they are shoppers."

Tips from the OFT and friends include advice on the best type of borrowing for a person's situation, whether that be a personal loan, current account overdraft, credit card, hire-purchase or other method.

The tipsters also encourage young people to shop around for the best credit deal this Christmas and use online budget planners and mortgage calculators.

View our loans directory here:
http://www.europinions-finance.co.uk/loans/loans/
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