Struggling with Debt?

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Recover from a Spending Spree

It can happen to the best of us, even the most financially responsible people overspend. Most common causes tend to be home improvements, holidays or buying a new car however, there are some steps you can take to reduce those bills and become debt free.

The first step is to take action now. If you can sort out your debts earlier then you are less likely to have your debts build up and incur higher minimum payments. Get your credit card bills paid off as soon as they arrive through the door. It doesnt matter if they arent due for another 2 or 3 weeks. The sooner you pay it the less likely you are to forget and the sooner it will be out of your hair

The next step is to make at least the minimum payment on all of your credit cards. If you can afford to do so try and pay back more than the minimum monthly payment. You may think making a late payment may not be such a big deal you may be in for a shock. Credit card companies often share information and a late payment could cause your interest rates to rise on all your other cards.

Step four is to consider transferring any high interest rate balances to a low interest rate card. With lower interest rates your balances (especially the high ones) will be easier to pay off. To find low interest credit card you can look on sites such as moneysupermarket.com which will keep you updated on the best rates available

The final step is to use any availabe cash you have to put towards your high interest debt. If for example you have a high interest debt of 18% and have money in a savings account which gains 5.3%, then you are best using that money in your savings account to pay off your debt. That kind of return is very hard to find so be sure to use any available cash to pay off any high rate debts.