Clear your credit card debt

Clear your credit card debt

By Glen Hunt

One of the golden rules of financial planning and credit card debts is to clear your most expensive debts first, in other words your credit cards. OK, credit cards offer a convenient way to pay for goods and services but if you can't clear the balance every month, consider a low-cost loan as an alternative.

Do the sums: a credit card debt (APR 15%) of £2,200 over three years will cost £545 in interest. A loan at 6% will cost £209. A saving of £336.

Look for 0% balance transfers, for the short term.
Use any spare cash you have to clear these debts off, as your balance will soon start to add up if you are only paying the minium.

Clear your credit card debt