Customers need to be confident they can meet the repayments required

Sainsbury’s Bank has extended its 0 per cent offer on standard and platinum credit cards purchase rates from 10 to 12 months.

Chiltern’s Simon Duffy says, ‚Äö√Ñ√≤While it’s good to see competitive rates from Sainsbury’s Bank, customers need to be confident they can meet the repayments required and do not fall into bad credit through debt they cannot afford to repay.”

“The lure of 0 per cent spending can be the starting point of credit card debt problems for many people especially if they choose to replay the minimum amount required rather than repaying their balance in full every month.”

“Customers could be left with debt on credit cards that revert to a Typical APR’s in the region of 15 or 16 per cent after the initial 0 per cent offer has finished.”

According to Moneyexpert.com and Defaqto almost 5 million UK credit card customers were charged for late payments and exceeding credit limits in 2006. The national money education charity Credit Action say that only 58 per cent of credit card customers managed to repay their credit card debt in full every month, during 2006.

If you’re struggling with any debt including credit card debts, Chiltern can help you take control today. Call us FREE now on 0800 043 2332.