5 Ways To Clear Your Debts

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5 Ways To Clear Your Debts

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5 Ways To Clear Your Debts

By: Paul Hockney

On average more and more people are finding themselves in debt. Once in debt a lot of people are unsure of how to get themselves out of debt. The following 5 Tips should be used as a guide to help you get back on the road to recovery.

Pay More Each Month
If for example a lot of your debts are on credit cards the main trap a lot of people fall into is only paying back a minimum amount each month. What you should be doing is at least doubling what you pay each month and even better if you can pay in a cash lump sum which you have suddenly received e.g. work bonus.

Control What You Spend
Although it may sound very obvious but you should not be spending beyond your means. This is a common problem and is born out from the ease of using credit cards to pay for items. This really is a self-control option and to help you take control you should start taking a note of what you spend each and every day on your credit cards. Review this at the end of the week or month. By seeing all these costs down on paper can really give you a big shock as to how much you are really spending.

Change Credit Cards
If you haven't changed your credit cards in the last 18-24 months then it might be a good idea to do it now. The interest rates on your cards may well be much higher than you need to be paying. With so many credit card companies eager for your business it is now easier than ever to get a 0% Interest Rate card. Although this might only be for an introductory period, you can still get one for up to 6 months at 0%. During this time you can save yourself £100's in interest rates.

Move to Another bank
A lot of banks are really heavy on people with overdraft charges. So if you find yourself overdrawn every month then it makes perfect sense to find a bank that has either lower or no overdraft charges, as along as you are only overdrawn by a certain amount.

Use Your Savings
If you have a big chunk of cash sitting in a savings account while you also have a big debt it just doesn't make sense to hand onto that money while your debts increase. Pay off as much as the debt as possible from your savings and give yourself a better chance of clearing all your debts entirely.

Conclusion
The 5 tips above are some of the easiest and sensible ways to help clear your debts. Ir-regardless of how much debt you have you need to start taking action right now. Any delay just means your debts are just getting bigger and bigger.

About the Author:

Paul Hockney is an online debt expert who provides Government IVA Help advice.

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