Loan money sensibly, urges Post Office

Wednesday, November 30, 2005

The Post Office is urging people thinking about using a personal loan to fund their shopping this Christmas to borrow sensibly.

As Christmas costs mount up, many people turn to a loan or credit card to pay for the festive presents and celebrations, and the Post Office is advocating sensible use of such loan facilities.

The Post Office offers a credit card that combines credit with a loan option to offer the user a certain amount of flexibility. The loan-like facility can be used for purchases of anywhere between £500 and £2,000.

"The card offers all the benefits of a competitive credit card and with the fixed rate facility, offers shoppers the flexibility of managing the payment for larger purchases," said Gary Fitton, head of Post Office credit card.

The loan part of the 'two in one' card has a fixed rate of 6.8 per cent, which the Post Office says allows the customer to pay off the loan over 12 months at one of the most competitive rates on the market.

Any Christmas loan will add to the consumer debt figure, which currently stands at a reported £1.13 trillion.

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