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Reduce Outgoings
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| The Money Ferret says credit cards only make sense when you pay off the balance every month. If you have outstanding balances on your credit cards it can be a good idea to transfer them to cards with low interest rates so that more of your monthly repayment actually goes to repaying the debt. Check the APR on your credit card, are you paying 20% or more APR? If so it is time to get rid of that card.
There are a number of companies offering 0% interest on balance transfers and/or purchases for a certain time when you switch. In most cases you can do this online. The quickest way to get rid of credit card debt is to first arrange the lowest interest rate possible. Ask your current lender for a lower rate, they may offer you this if they think you are considering changing card providers. Next, pay the minimum monthly repayment on all but the most expensive card - pay as much extra into that as you can manage until it is gone, then move on to the next most expensive. If your credit cards and loans have spiralled out of control you do have the option of refinancing to lower the payments. Loans like this are often secured on your home and may take you longer to pay off but can be a lifeline at times. Fill in the form on this page and The Money Ferret will put you in touch with an expert in this field. Whatever you do, take action now.
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| From the information you supply we can put you in touch with the best independent mortgage specialist for you needs regardless of your credit history. |
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