Cut the cost of your debts
Get a 0% balance transfer credit card
If you’ve got a lot of debt on your credit card and it's earning a chunky rate of interest, it’s time to reduce it! Transfer your debt onto a 0% balance transfer credit card and you won't pay any interest on the balance for a set period.
Just make sure you've either paid off your debt by then, or managed to switch it to another 0% card.
Get a lifetime deal
If you think you might not be able to clear your balance that quickly, transfer your debt to a lifetime balance transfer card instead (also known as low APR cards). This type of credit card offers a low rate of interest for as long as it takes you to clear your balance.
Just remember that you're still paying interest, so it's important you clear your debt as quickly as possible.
The benefit of this type of card is that you don’t have to keep switching cards every year or so, and you don’t need to worry about your rate still increasing. That means less hassle – and less to pay in fees.
Finally, if you are struggling to get rid of your debt, and need a few hints and tips on how to get into the habit or what to cut back to give you that extra bit of cash each month, why not ask a question using our Q&A tool? You may find that other members of lovemoney.com have experiences they can share which will help you.