Credit Cards:
The most expensive way to buy
anything is on credit - if you don't already have
a credit card - don't get one! It only makes
things cost more unless you pay off the balance
each month. If you already have outstanding
balances on credit cards which you have had for a
while it is a very good idea to transfer them to
cards with low interest rates so that more of
your monthly repayment actually goes to repaying
the debt. If you are paying 20% or more APR you
are really being ripped off.
Many companies offer 0% interest on
balance transfers for 6 months and then a fairly
good rate after that - applying online is pretty
painless too. Cards such as and Citicards on the right offer deals like these. Barclaycard.co.uk offers 0% until the balance is paid off if you spend £50 a month on the card - if not you still get 6.9% for the life of the balance.
The quickest way to get rid of credit card debt is to first arrange the lowest interest deals possible (remember it is worth asking your current lenders if they would give you a lower rate - tell them you're thinking of changing cards and they might be persuaded!), then 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. It takes determination and staying power to do this as it may take years but it is possible - the more frugally you live the quicker you can do it and YOU CAN DO IT!
Mortgages and Loans:
The same goes for these - if you can
get away without them - fantastic - if not make
sure you get the best deal. With interest so low
at the moment there are many great packages
around.
Selling and Buying Your Home:
Usually a very expensive business - more and more people are now selling without estate agents and saving a small fortune - is a company that can help you do this cheaply by advertising on the internet - certainly worth looking into.
Insurance:
Whether it's house and contents, car, pet or any other kind of insurance it really pays to shop around - contact lots of different companies for quotes. Remember that companies that check several quotes for you are taking a cut - it is cheaper to do it yourself. If you very rarely claim on your policies. If you only claim very rarely and could be good deals for you - you also get 10% off for applying online.
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