Credit cards and personal loans 'options for engagement ring buyers'

Credit cards and personal loans are two options that people might consider if they are planning to pay for an engagement ring in the coming days, it has been highlighted.

With Valentine's Day just around the corner, Moneynet.co.uk's Andrew Hagger suggests that people should carefully research the options that are available to them should they need to get credit.

"The smartest financing option is to buy the ring on your credit card and apply for a balance transfer card now so you can switch the balance across to an interest-free deal," he commented.

However, Mr Hagger went on to say that consumers should aim to make all their repayments within a year if they opt for this payment method.

Meanwhile, when it comes to the possibility of taking out a personal loan, the expert has noted that ring buyers may have to deal with larger levels of interest if they have a poor credit rating.

Mr Hagger's website has also recently pointed out the problems that some UK savers may be facing due to the record low base rate.

Posted by Tom Burroughs.