Consolidate Credit Cards
If You Have Credit Card Debt Heres How To Make Huge Savings
The average UK Household has credit card debt of £7000. Here are some easy ways to drastically reduce the interest you are paying which on average for a £7000 debt is £1300 per year !
Consolidate Your Debt. You can trasnfer the debt from all your cards onto one card at t much lower rate. However beware to read the small print to make sure in the long run you arent actually worse off. Sometimes the naughty banks can tie you in at a zero rate to begin with but then it goes up drastically within the tie in period making you worse off overall ! Avoid these traps thought and there are huge savings to be made.
Pay off your credit card debt with a personal loan. A personal loan will have amuch lower rate of interest thn credit cards so this is a better option. If you have a security to back the loan against such as a car or house then even better.
Extend your mortgage to pay off the credit card. Why pay 18% on a credit card debt when you can tkae money out of the mortgage at 5% instead ?!
Pay off the card on time. If you can then pay off your cards as much as possible on time each month to avoid the huge interest penalties.