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British reliance on gas for energy growing Small business seek cap on credit cards Lenders `told to deliver contradictory objectives` Economy shrinking ‘faster than thought’ Retailers begin sales two days early Fewer Christmas shoppers on high street Lenders cancel house price forecasts Online shopping up despite downturn 75% put ‘key life plans’ on hold ‘Excessive’ pensions to be cut 71% of households ‘have less disposable income’ Debt problems could lead to a gloomy Christmas Debt news: rent arrears expected to grow in 2009 Energy firms ‘could afford price cuts’ Debt problems could lead to a gloomy Christmas Diesel prices fall below £1 per litre Avoiding debt at Christmas Bank offers personalised loan charges Lenders set to pass on full rate cut More people facing bankruptcy

Debt repayment `requires strategy`

11/04/2007

A careful strategy can help consumers save money when managing debt repayment, a general manager of ESPC Money Management has claimed.

Writing in the Metro, Lesley Canavan said that consumers should investigate the interest rates on each of their credit cards when deciding how much to pay back each month.

Cards with a higher interest rate should be prioritised when sending payments, she suggested.

Additionally, she said that consumers who have high levels of debt may want to consider refinancing, debt consolidation or even contacting lenders to negotiate a lower rate.

"It pays to be smart when repaying your debts. You`ll be amazed at how easy it is to reduce your interest rate," Ms Canavan commented.

"Sometimes a simple call can change your rate from 18 per cent to as low as nine per cent."

Recently, consumer watchdog Which? revealed that many credit card providers use different formulas to calculate interest, which could lead to customer confusion.

British reliance on gas for energy growing 06/01/2009 - New figures suggest that Britain’s dependence on natural gas is Small business seek cap on credit cards 06/01/2009 - Credit card interest rates should be capped to help small What can I do to avoid Christmas debt? 05/01/2009 - Christmas is traditionally a happy time – a time spent Lenders `told to deliver contradictory objectives` 31/12/2008 - Over recent weeks, banks and building societies have been under