Paying off your credit card debt
Posted by admin under Credit Cards
Most British consumers hold around 2 or 3 credit cards at any given time. In the current economy, the balance on those cards only seems to be rising. However, in a few simple steps, most people can pay off their credit card debt before it becomes an unbearable burden.
First, move as much debt as possible to the account with the lowest interest rate. It may seem like robbing Peter to pay Paul, but this move will slow the growth of the debt. Transferring £3000 from a card with 20% interest to a card with 15% interest will save about £13 a month. That may not seem like very much, but that totals £156 a year which could be paid toward the principal.
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