| Running up enormous credit card debt is as | | | | transferring the balance from one card to |
| traditional a part of Christmas as defrosting | | | | another). If you want a longer deal then look |
| a turkey with a hairdryer or watching your | | | | at HSBC's lifetime balance which charges just |
| grandma dance drunkenly on the washing | | | | 2.9 per cent for two years. Cancel Payment |
| machine. When January comes you are | | | | Protection Insurance (PPI) This is generally |
| inevitably left looking back with a mixture | | | | a complete waste of money that you only end |
| of self-pity, remorse and a strange curiosity | | | | up paying for if you forget to untick a box |
| about how she got up there in the first | | | | at the end of the application form. Cancel it |
| place. Obviously in an ideal world you would | | | | and you instantly save yourself between £6 |
| not be up to your neck in bills. But hey, | | | | and £25 a month. Obviously it will come in |
| Christmas wouldn't be Christmas, and that | | | | handy if you break a leg or lose your job, |
| internet betting account would not be in the | | | | but if neither looks likely in the immediate |
| increasingly rosy position it appears to | | | | future, then there are far cheaper ways to |
| occupy. Fear not, for credit card catastrophe | | | | protect yourself. Cancel Card Protection |
| is a temporary complaint and need not be the | | | | Plans (CPP) As with payment protection, card |
| end of the world. Here are five tips to solve | | | | protection is an expensive extra that you |
| any Christmas credit hangover. Or at least | | | | just don't need. It is nice to have just one |
| smooth it over for while until you get the | | | | number to ring if you lose your cards, but |
| chance to pay it off. Shop around Credit | | | | for the £20 a year you don't really get a |
| cards are not football teams and there are no | | | | lot more in the way of protection than you do |
| prizes for following them loyally towards a | | | | from your credit card company in the first |
| hopeless end. If you have a balance that you | | | | place. Get rid. Don't forget your savings |
| are unlikely to pay off this decade, then | | | | There is no point having £3,000 in the bank |
| whatever you do, do not sit and pay the huge | | | | when you have £1,000 balance on your credit |
| interest rates that inevitably come with it. | | | | card costing you £150 a year. Transfer the |
| Lots of cards offer zero per cent | | | | money across and save yourself some dough, |
| introductory interest rates that can apply | | | | because there is no way your savings account |
| for up to 15 months. They are an excellent | | | | is going to pay enough interest to cancel out |
| way to take a break from big repayments and | | | | your credit card charges. Don't put it all |
| make life a bit more comfortable. They are | | | | off The minimum repayment option may seem |
| not an excuse for hitting the January sales | | | | like a great idea but all you end up doing is |
| like a leary bull dog. If you don't have the | | | | paying interest on top of interest. With a |
| energy to leap around from card to card then | | | | typical interest rate of 15% it take 15 years |
| look for a deal with a low-rate lifetime | | | | to pay off the average card balance of |
| balance interest instead. The 15 month | | | | £1,137 according to Moneyfacts, and that |
| interest free deal comes from Virgin Money, | | | | would include £855 of interest. Pay off as |
| though it does have a slightly higher than | | | | much as you can reasonably afford and you'll |
| average transfer fee (the cost of | | | | find yourself much better off. |