1. Switch to a 0% balance transfer credit card
Is the interest rate on your credit card stifling your finances? Well, you’re not alone.
The average interest rate on credit card debt has reached an eye watering 18%.
If you feel like you’re paying too much, why not switch to a 0% balance transfer deal? The best deals currently offer 28 months, interest free. A comparison of all the best deals can be found here.
2. Reject increases in your credit card’s annual interest rate (APR)
If your credit card company contacts you saying they’re going to push up the interest rate on your existing debts, well, that’s not your problem!
Legally, you have 60 days to contact the company and reject the increase. You won’t be able to commit to any more spending on that card; however, you will be able to repay any existing debt at your old, lower rate.
3. Avoid payday loans and opt for more ‘friendly’ local credit unions
QuickQuid. Wizzcash. You name it- don’t use them.
Loans from local credit unions offer MUCH more friendly interest rates and by friendly I’m talking 3% max!
Plus, you won’t have to pay any set-up fees, admin costs or early redemption fees. Have a look at Which? guide for borrowing from a Credit Union.
4. Get an authorised overdraft
Do you feel like you’re always dangerously close to your overdraft limit? Contact your bank ASAP. They might be willing to increase your limit and you can avoid those horrendous bank charges that are often more expensive than a payday loan.
Best banks accounts for authorised overdrafts can be found here.
5. Free help from A2Dominion’s expert, finance mentors
We have three dedicated mentors who offer free, confidential advice with your finances. If you would like to get in touch and find out more click here https://www.a2dominion.co.uk/find-out-more