Reduce the cost of Christmas and follow our simple steps to ensure you are debt free with consolidation loans

21 January 2014 - Which Way To Pay

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Credit cards and consolidation loans: How to reduce the cost of your Christmas Debt

Has your credit card or overdraft taken a bashing this Christmas? Have you received your first credit card bill of the year and just realised that actually you probably have overspent? If you have answered ‘yes’ to these questions then now is the time to act and think about what you can do to get your finances back on track. Below we have listed some simple, easy ways to help you sort out the debt you have managed to get into.

Switch credit card providers

Do you have an existing balance on your credit cards? Have you thought about transferring it to another provider? This is a fantastic way to save you some money every month. The money that you save could go towards paying of your existing debt IF you choose a credit card with 0% interest rate on balance transfers. As soon as your 0% interest free period is up, be sure to re-calculate your options. Do this and you will be debt free very soon.

Take out a consolidation loan to consolidate your debt

If you have debt all over the place and can’t figure out which is more important to pay back, it is a wise idea to consolidate all your debt into one payment. Have you got credit card debt? overdraft debt? Payday loan debt? Try and consolidate this debt into one consolidation loan, with a lower interest rate. If you are in any doubt then you should always ensure that you seek independent financial advice and always double check the headline interest rate.

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