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 www.barclaycard.co.uk offer good deals at the moment.
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!
If your credit cards and loans have spiralled to unmanagable repayments you do have the option of refinancing to lower the payments. Companies such as www.freedomfinance.co.uk and First Plus Financial Group offer this service. Loans like this are often secured on your home and may take you longer to pay off but can be a lifeline at times.
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. If you have trouble obtaining a mortgage there are companies such as who can help you find the best deal for you.
Tax:
As many as one in three UK taxpayers are due a refund - could you be one of them? Refunds Direct are a company who will find out for you on a 'no win, no fee' basis. Fill in a short survey to find out.
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 companies that check several quotes for you are taking a cut - it is cheaper to do it yourself. If you only claim very rarely and could be good deals for you - you also get 10% off for applying online. We have also found to be excellent for car insurance - you get a 10% discount for signing up online too.
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