If you feel as though your finances are yet to recover from Christmas, or even the holiday you took last year, then you may feel frustrated with your situation.
You may feel as though there’s nothing you can do to try and get things back on track and that you just don’t know where you are going wrong either.
This is understandable, but there are things that you can do to try and benefit your situation.
Move to a 0% card
Credit card debt can take a very long time for you to shift. This is especially the case if you are paying a lot of interest.
If you can move it to a 0% interest card, then this will help you to pay it off faster. When you have a 0% interest credit card, you may find that you can avoid paying interest on your balance for up to 29 months.
You need to be aware though that you will need to pay a transfer fee. This is usually an overall percentage of the balance that you move.
If you do this, you need to keep in mind that in most cases, benefits will outweigh the cost.
Don’t just pay the minimum amount
Another way for you to pay less money in interest on your card would be for you to make more than just the minimum payment every month.
Your minimum payments will be set at a low level.
If you only pay this every month then you will pay more interest and you will also take way longer to pay your balance in general.
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Shift your card balance
Store cards will normally charge you very high-interest rates. If you used one in the past, or if you used one so that you can pay for birthdays, then this may work against you.
You can transfer your balance from this with ease though, and the only thing that you need to do is go through a pre-check.
When you do this, you can find out if you are going to be approved for a transfer before you actually go ahead and do it.
This can really work in your favour in terms of your credit rating.
Use an arranged overdraft
If you can, you need to avoid using your overdraft.
Sometimes you can get accounts where you can use your overdraft as planned, meaning you will get charged less interest when you go into it.
This can work in your favour, so make sure that you look into that if you are currently using an overdraft that has not been arranged by your bank.
An arranged overdraft will save you a small fortune in fees and it will help you to get back on track in terms of your financial freedom.
(Disclaimer: This content is a partnered post. This material is provided as news and general information. It should not be construed as an endorsement of any investment service. The opinions expressed are the personal views and experience of the author, and no recommendation is made.)
