Getting out of debt
More than six million people in the UK have outstanding debts on their credit cards for over a year or more costing them a fortune in interest. It is this that you can avoid doing with our short guide!
Worst than this is 14% of people surveyed have had debt on their credit cards for more than 5 years! This could be costing credit card consumers thousands in unnescessary charges. For example a £1,000 loan on a typical 18.13% where you are only paying back the minimum repayment balance would take 17 years to clear and end up costing you a total of £2,113. More than doubling your debt!
You can make use of 0% credit card deal to stop any interest being charged for a short period whilst you get back on top of your debts. Or you could use a lower rate credit card to consolidate your credit card debt at a lower rate.
Another solution would be too simply look at low cost loans. Typical credit cards are charging over 18% interest but the best loans on the market today are as low as 7.5%. However applying for such low rate loans needs a great credit rating and a minimum loan of £7,500. You may not need this much money but it may also be beneficial to consolidate any other loans you have, such as a car loan, as it may prove cheaper this way.
Don't get into trouble with your debt. Make sure you get the best credit card for you.
Find everything you need to get a by clicking the above button!