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How to clear £670 debt in a year with the easy money challenge

Step up with an easy money saving challenge that could clear you almost £670 of your debt this year.

If you start by saving just 1 minute today, you could pay off hundreds of pounds of your total debt in just 12 months.

Easy Savings Challenge That Can Help You Reduce Your Debt

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Easy Savings Challenge That Can Help You Reduce Your Debt

The challenge works by increasing the amount you pay by 1p per day.

The second day means you accumulate 2p, and the next day it is 3p, etc

By this time next year, or 365th day, you’ll be paying £3.65 a day – about the same price as a takeaway coffee.

At the end of the challenge, you should have cleared £668 of your debts.

Remember that some the debt may be too large or need to make payments too soon to use this method, such as owed rent or electricity bills.

In that case, you should contact your landlord, supplier, or other lender to find out how they can help.

Make sure you also stick to any repayment schedules you’ve agreed to and meet your minimum payments.

If you have debt in different places, that can help Consolidate deposit with 0% balance transfer card.

There’s no one right way to go back to black like Different tactics will work for different people.

For example, some people prefer to settle their biggest debt first, called the “avalanche method”.

But others start small, finding that paying off one debt motivates them to finish bigger later.

This is known as the “snowball method”.

Using the 1p challenge could mean you’re paying off your debt slower than other methods and could cost you more in interest.

But you may find that it is a sustainable way to take control of your finances.

When it comes to debt, one of the most important things is to find a technique that works for you.

Here are four tips to get started:

Understand what you owe

It’s easy to stick your head in the sand for what you owe.

But you need to work on your debt and make sure you budget based on your expenses.

Any excess money can be used to pay off the debt with the highest interest rate after you have completed all the minimum repayments.

Talk to your lender

One of the first steps you should take is Talk to your lender.

You need to pay upfront about how difficult it is for you to pay off your debt.

This may agree to put you on a more affordable repayment plan.

Get free debt help

If you’re losing hope of making a dent in your debt pile, it might be time to get some free debt advice.

There are several charities that will help you for free.

Pay more than the minimum

You should try and pay more than the minimum payment each month if you owe more than one debt.

It will help you pay off your debt faster, but you can also save thousands of pounds with expensive interest fees.

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https://www.thesun.co.uk/money/17510717/how-to-clear-debt-easy-money-challenge/ How to clear £670 debt in a year with the easy money challenge

JACLYN DIAZ

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