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