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Reward-based cards `help debt problems`

05/11/2007

Consumers experiencing credit card debt can ease their worries by switching to a more reward-based product, a financial expert has claimed.

As more and more credit card companies are turning their attention to rewards, consumers can often find good deals by switching providers, the head of cards at Sainsbury`s Bank has suggested.

However, such schemes are only likely to offer good introductory schemes, with "very different" rates being seen a few months into the contract, Donald MacLeod said. Introductory rates will lapse over time, he continued.

Mr MacLeod added: "If you look at other reward programmes on the market place, a lot of them do start off appearing very generous with a reasonably high headline rate…but if you look and see what you will be earning in 12 months hence, they`re very, very different."

Last week, the Financial Times reported that consumer credit card debt grew in September at its highest rate for two years, according to the Bank of England.

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