How to pay off your debts quickly | SavvyWoman.co.uk


If you owe money on credit and store
cards and you know you won’t be able to pay it off in a couple of months this video explains what you can do. Now, first of all if you’re struggling with debts or you
can’t pay bills such as your rent or mortgage gas and electricity or council tax you
should get help from a free to use debt advice charity. But if you just want to pay off your
debts as efficiently as possible you should follow these steps. First of all make a list of who you owe money to, how much you owe
and the interest rate you’re being charged. You’ll find this information on the
original agreement or on your regular statements. You should try and see if you can
transfer your debt to a 0% balance transfer credit
card because this will save you money and interest payments. But bear in mind that credit card
companies are being choosy about who gets the best deals so if you don’t qualify for one you should
pay the maximum you can to the debt charging the highest rate of
interest. So for example if you owe money on a store card charging interest at 30%, on a credit card charting interest at 20% and on a personal loan charging interest at 10%, you should pay the most you can to the
store card debt first. Do that until the debts cleared
and then work your way down to the credit card and finally the personal
loan. Now it is important that you don’t break
the terms of any other agreement you have so that means you should pay at least the
minimum on your credit card and make the regular monthly loan
payments.

2 comments on “How to pay off your debts quickly | SavvyWoman.co.uk”

  1. Seanmiketv says:

    Thanks for the advice!!

  2. Morine Barnes says:

    Thanks for sharing inspirationalšŸ‘.

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