Are you still in debt from Christmas?
There are several steps you can take to change it – and you have to be proactive.
We talk to Rachel Springall, from moneyfacts.co.uk, for her advice on what you can do. . .
IMPLEMENTATION OF TRANSFER: Transfer existing debts to a 0% balance transfer card. You can get 35 great interest-free months with Virgin Money. This will give you plenty of breathing space to release what you owe. Beware of the transfer fee of 2.94% though. Transfer £3,000, and it will cost you £88.20. But avoid this cost with a free balance transfer deal. NatWest has a 22-month supply card for a 0% fee.
DISTRIBUTE YOUR CARD: Always be disciplined about the minimum monthly payment on a balance transfer card. And pay more if you can. Clear the debt or transfer again before it ends in 0%, otherwise costs could skyrocket.
DELETE YOUR MANAGEMENT SOFTWARE: Being overdrafted is a debt you can’t afford to ignore, especially with many accounts charging more than 30% interest. Make it a priority to pay off what you owe. Cheaper options include Starling Bank with a lower overdraft rate of 15%. Or, First Direct has a £250 interest-free overdraft, plus a £130 “switching bonus” to transfer your existing account.
BUDGET SCORE: Avoid relying on credit cards and other forms of borrowing by creating a manageable monthly budget and seeing where you can save. With the cost of living on the rise, you should start to scrutinize your out-of-pocket expenses. Check out budgeting tools like moneyhelper.org.uk/en/everyday-money/budgeting/budget-planner.
BACK TO BASIC PROBLEM: Consider a basic bank account that doesn’t have an overdraft, such as Virgin Money Essential. You won’t get lost in red.
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https://www.thesun.co.uk/money/17454429/debt-solutions-help-tips/ Six expert tips on how to get out of debt in 2022