Credit card & personal loan lenders may ‘flood’ consumers with deals in 2021 – get ready | Personal Finance | Finance


“Those considering this option should weigh up the overall cost of a loan over a longer-term period vs the cost of a balance transfer credit card, including the associated balance transfer fees.

“In both cases, for credit cards or loans, using a comparison service with an eligibility check is essential to protect your credit rating and provide access to pre-approved and guaranteed rates (in the case of loans) before applying.”

Credit cards, personal loans and other forms of debt-themed financial products can currently benefit from payment holidays, with the FCA extending this support into March.

While this should ease consumer’s worries for the months ahead, it should be noted that credit ratings, which have been protected throughout 2020, will once again face repercussions from April.

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