People urged to sit down and review their finances
(23 January 2008)

Now that the festive period is over, an expert has urged people to take the time to review their financial situation.

Donald Macleod, head of cards at Sainsbury's Bank, said that most people will have their Christmas spending "out of the way" and will be likely to receive their credit card bills.

"Appraise where you are and see if there's a better way of handling that debt; look at loans, look at restructuring, the zero per cent interest rates out there," he advised.

There are a range of "great deals" available to consumers that can suit their particular circumstances, Mr Macleod added.

According to Sainsbury's Bank, approximately 18 per cent of Christmas spending was placed on credit cards.

The firm noted that 61 per cent of people believe that it will take them one month to pay off their debts from Christmas, with a further 15 per cent expecting to clear their debts within two to three months.