Best Review - Top 3 Things that could help you cut your debt right now

I

t’s not that hard to take the first step.

Have you ever had the feeling that you’re stuck with your debt? Perhaps that you just don’t know how to clear it – or you feel overwhelmed by it? If you have then you’re certainly not alone. According to the Money Advice Service, one in six adults struggles with debt worries and around 8.2 million people in the UK aren’t comfortable with what they owe. So, what can you do to help cut your debt right now?

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Top 1

Take control of your money – with intent


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Year after year many of us make a new year’s resolution to get on top of personal financial matters. However, how many of us can really say that we’ve done this? One of the fastest ways to cut your debt is to take control of your money. Carry out a financial audit of what you’re earning, spending and paying out on debt. Look for the following opportunities that will enable you to take action right now:

• Cutting back on luxuries to use the cash to overpay on debt instead
• Identifying debts that can be moved to a 0% (or lower) interest account to reduce the amount due overall
• Using any unexpected income – lump sums due - that could be used to pay off a chunk of your debt
• Avoiding missed payments that are generating additional fees and costs
• Creating savings that could be used to pay off debt, from switching to a cheaper energy supplier, to making your daily coffee instead of buying it

Top 2

Find a loan and refinance your debt

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Whether you have credit card debts with a very high interest rate, or a number of debts - from personal loans to payday loans -, that you’re struggling to stay on top of, refinancing can help. The idea behind refinancing (or consolidating) debts is essentially to use fresh borrowing to pay off old debts. This may seem rather pointless but it has a number of key benefits when it comes to cutting the cost of your debt right now. Firstly, refinance with a loan with a lower interest rate and you will instantly reduce what you’re paying for your debt, including the size of monthly payments. Secondly, choose a loan with a longer repayment period and you can pay less each month for what you owe. Lastly, switching from multiple payments to a single, manageable, monthly payment can help to avoid missing payments and can ensure you don’t add to your debt via charges and extra interest.


Top 3

Use your savings


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Savings feel like a safety net against future financial issues – and they can be. However, the reality is that right now you are paying more in interest for any debts that you have than you will earn on your savings in interest. Having money sitting in a savings account when you also have debt creates an overall net loss. So, if you have money set aside it’s often worth using a bit of it to help with debt issues. You may not be able to completely clear your debt but this is one of the simplest ways to cut your debt right now and reduce what you’re paying in interest.

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