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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.