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How To Cut Your Debts

Money : Borrowing

Most of us have debts, indeed debt is at a record level. If you have debt then what can you do about it?

First thing to check is - do you have debt (other than a mortgage) AND savings?

If so, then seriously consider using savings to pay off debt. Why? Because you are almost certainly paying a lot more interest on the loans and debts than you are on getting on the money that you have in savings.

Therefore using savings to pay off debts will save you money in the long run, and often a significant sum - though do keep enough savings for a rainy day if you are unsure about your employment situation!

Another simple tip is to become more disciplined. Don't spend money unneccesarily and budget so that you never spend more in a month then you take in.

Finally, with smaller debts see if you can consolidate them all onto a credit card with a 0% rate.

That way you don't need to worry about spiralling interest during the course of the introductory period - this can be a weight off your mind.

By: Fred

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