Christmas cash crisis? Cut the cost of your debt and change credit card providers

21 January 2014 - Whch Way To Pay

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Credit Cards & Loans: How to cut the cost of your Christmas Debt and get over your financial hangover

The first of the credit card bills will have hit your doormat and the January blues will be soon be kicking in, if they have not already. If your credit card and overdraft took a bashing this Christmas and to top it off you went a bit mad in the January sales, now is time to take a look at your finances. Below we have listed some tried and tested ways to help you become debt free.

Change your credit card provider

If you have an existing balance on your credit cards, think about transferring it to another provider offering a better interest rate or a 0% balance transfer deal. This is a great way to save money on existing debts. The money you will save on your monthly repayments will go towards paying off your debt balance so you will be able to get yourself debt free soon.

Consolidate your debt with a long term personal loan

If you have credit card debt, payday loan debt and have maxed out your overdraft, it would be a wise move to consolidate your debt with one personal loan with lower interest rates. Always ensure you double check the headline rate of a personal loan and read the terms and conditions carefully. If you are in any doubt then you should always ensure that you seek independent financial advice.

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