How-to Guides » OLD GUIDE Destroy your debt

Step four: Transfer your balance to a 0% card

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Of course, while you're attacking your debts they are still growing as interest is accruing every day. It can often feel like you're moving two steps forward and one step back.

But one thing you could think about is transferring the balance of one (or maybe more) cards to a 0% card for balance transfers. This would mean it will stop accruing interest for up to 16 months (if you chose the Virgin Money card). So you'd get over a year's worth of breathing space to save up enough money to clear (or mostly clear) that debt.

Of course, you'll need to have a pretty good credit history to be able to take out a 0% card - so before applying (and creating yet another footprint on your account) apply for a copy of your credit report - it should cost as little as £2 (or you can apply for a free copy from Experian).

Take the next step to destroy your debts

Compare credit cards at lovemoney.com