Six expert tips for how to get debt free in 2022

ARE you still nursing a debt hangover from Christmas?

There are some steps you can take to shift it — and it pays to be proactive.

If you are still nursing a debt hangover from Christmas there are some steps you can take to shift it

If you are still nursing a debt hangover from Christmas there are some steps you can take to shift it信用: 盖蒂

We talk to Rachel Springall, 从 moneyfacts.co.uk, for her tips on what you can do . . . 

TAKE A TRANSFER: Move existing debts to a zero per cent balance-transfer card. You can get a huge 35 months interest-free with Virgin Money. This will give you lots of breathing space to clear what you owe. Watch out for a transfer fee of 2.94 per cent though. Shift £3,000, and it would cost you £88.20. But avoid this cost with a fee-free balance transfer deal. NatWest has a card that offers 22 months at zero per cent.

PLAY YOUR CARDS RIGHT: Always be disciplined about making the minimum monthly payment on a balance-transfer card. And pay off more if you can. Clear debt or shift it again before the zero per cent ends, or costs could rocket.

CLEAR YOUR OVERDRAFT: Being overdrawn is a debt you can’t ignore, especially with many accounts charging more than 30 per cent interest. Prioritise paying off what you owe. Cheaper options include Starling Bank with a lower overdraft rate of 15 百分. Or, First Direct has a £250 interest-free overdraft, plus £130 “switching bonus” for moving your current account.

SEEK HELP: If you are struggling to keep up with bills and credit commitments, you can get free help from stepchange.orgnationaldebtline.org.

DRAW UP A BUDGET: Avoid relying on credit cards and other forms of borrowing by working out a manageable monthly budget and seeing where you can make savings. With the cost of living on the up, it’s a good idea to start scrutinising outgoings. Check out budgeting tools such as moneyhelper.org.uk/en/everyday-money/budgeting/budget-planner.

BACK TO BASICS: Consider a basic bank account where an overdraft is non-existent, such as the Virgin Money Essential. You won’t stray into the red.
lPrices correct at time of going to press. 优惠和优惠视供应情况而定.

多数读于《金钱》

Taxes WILL rise in April says PM as he presses on with National Insurance hike

TAX WHACK

Taxes WILL rise in April says PM as he presses on with National Insurance hike

  • Prices correct at time of going to press. 优惠和优惠视供应情况而定.

顶部掉期

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This Great Little Trading Co rope basket is £26 at John Lewis
Or try Dunelm’s £15 one instead

Or try Dunelm’s £15 one instead

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Deal of day

This Peppa Pig Stardust junior duvet is now £12, reduced from £16 at Tesco

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店铺 & 节省

Lenor Gold Orchid fabric conditioner (1.75l) is reduced from £5 to £2.50 at Wilko

Lenor Gold Orchid fabric conditioner (1.75l) is reduced from £5 to £2.50 at Wilko

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Leah’s little helper

VODAFONE customers can pick up a £1 Costa coffee with VeryMe Rewards.

首先 80,000 each week will be able to take advantage and save £1.90 per drink.

Claim one drink per week. Offer ends April 3. Visit vodafone.co.uk/myvf/verymerewards.

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