Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:

“Consumers waiting to make expensive purchases will no doubt be eyeing up the Black Friday and Cyber Monday sales. However, it’s vital to take a step back to ensure they can comfortably afford any purchases or have a sensible repayment plan in place to cover the costs, particularly if they are buying electronics. A credit card is a good choice as these protect shoppers who may be ripped off in the splurge of sales, as any goods or services not received which are valued over £100 up to £30,000 are covered under section 75 of the Consumer Credit Act.

“A balance transfer credit card could be attractive in the aftermath of these sales, and thankfully there are plenty of providers who have interest-free terms, one of which has a deal of up to 30-months on offer. Those who are using their overdraft as a short-term solution for any overspending could also do a money transfer from a credit card, to get back in the black and spread the cost interest-free for a whole year, subject to paying a small upfront fee. The cost of Christmas is estimated to be more than £300, according to YouGov, so consumers may well need to take out short-term credit to cover this if they have no additional savings in place.

“Consumers who feel they lack a positive financial footprint would be wise to check their credit report and explore ways to build their credit history, such as by using a credit repair card. A credit report could also reveal discrepancies for those who have had experience with short-term credit in the past, which may have a negative impact on their score if not corrected. Providers look more favourably on consumers who can prove they are sensible with any debts, but no one is guaranteed to get the top deals. This makes it essential to shop around but be conscious not to run too many credit checks when looking for short-term credit.”