Amex says the new variable annual percentage rate of 6.9 per cent on all purchases and the static rate of the balance transfer rate – which will remain the same for the life of the balance – will help customers “detox” their finances in the New Year.

Katherine Whitton, vice president and head of UK product management at Amex, said: “The new year offers many who have overindulged through the festive period the opportunity to spring into action and detox their finances.

“As consumers look to detox their finances in 2006, they should consider the American Express Blue credit card.”

Figures from the accountancy firm Grant Thornton have revealed that at least 20,000 people in England and Wales will be bankrupt by spring while 66,000 will be in the same situation by the end of 2006.

The firm says if Brits continue to get into financial difficulty this year, personal debt in the UK will have reached its highest level for 45 years.
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