Debt consolidation a way to tackle Christmas credit card hangovers, says Derry Credit Union President

He advised that the post-Christmas period often left people struggling with credit card debt but maintained that help was available.

“If you overspent on credit cards at Christmas and feel overwhelmed by debt as the January bills arrive, talk to us about a debt consolidation loan.

“We could save you money and help you tackle that expensive debt. Check your monthly credit card statement and do the maths! We charge 7.44 per cent APR (with rebate 5.58 per cent APR) on our PLuSS Loan and 12.68 per cent APR (with rebate 9.51 per cent APR) on our Standard Loan. If you are being charged higher rates than these, a DCU debt consolidation loan could save you money by restructuring your high interest credit card balances into a single, straightforward payment at a fair and reasonable rate.There are no hidden charges or transaction fees and repayments can be tailored to suit individual circumstances,” he said.

He observed how, with more than 60m cards issued in the UK in 2018 and total debt on these at the end of November rising to £68.25bn, credit cards were a highly profitable multi-national business

“When you pay interest on a credit card, a multi-national company is benefitting. But when you clear that debt with a DCU debt consolidation loan, the interest you pay benefits the members of DCU and the local economy. A borrowing member also benefits by receiving an annual interest rebate.”

Contact DCU via Phone A Loan on 028 7126 7474 or online at www.derrycu.com.