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Sadly for a number of people, Christmas spending will be “The straw that broke the camel’s back,” credit card limits will be reached and in many cases breached. However a pre-festive financial makeover to reduce costs, may make all the difference.

Credit Reports

Before looking at possible savings on credit card interest payments the first step should be for borrowers to check the accuracy of their credit report.

Credit Score

In the UK, a personal credit report can be inexpensively obtained from one of the major credit reference agencies listed below. A credit score is calculated from the information on the report and determines what rate of interest a lender will offer. The better the credit score, the better the rate of interest offered.