Are 0% credit card balance transfers a wise move?
QI’M
beginning to worry about my credit card balance as I’ve only been paying the minimum repayment and it is decreasing very slowly.
Is it worth getting one of these 0% deals? Do they really work?
AYES,
it is worth trying to get a 0% balance transfer deal, even though the introductory periods on these cards is reducing.
You typically pay a one-off transfer fee then every penny after that goes towards paying down your debt.
Use an eligibility checker to find out which cards you will be more likely to be accepted for.
You’ll find these tools at experian.co.uk, moneysupermarket.com, totallymoney.com and many firms such as Barclaycard and MBNA offer pre-eligibility checks too.
QI’VE
inherited a little bit of cash and was thinking of dabbling in the stock market. Is it really risky and could I lose all my money? ATHE
markets are pretty volatile in the current climate so, yes, it is very risky and, yes, you could lose your money – although some experts say when shares dip, it can be a good time to invest as you get more for your money.
If you do decide to buy shares, you need to spread the risk and invest in a diverse and balanced portfolio or multi-asset fund that suits your attitude to risk. That way, you could lose some of your money but you will be unlikely to lose all of it. QI’M
thinking of accessing my pension savings as I’m almost 60 and may be soon made redundant.
I’ve seen the Pension Wise service but I’m still not sure what I should do and how and when I should dip into my pot.
Any ideas on where I could turn for help?
AYOUR
Pension Wise session is designed to give you some guidance around your options when it comes to accessing pension pots, but it does not give advice on your individual circumstances.
You either need to go through your finances yourself and work out what you need during retirement to pay all your regular bills and manage financially, then you can decide how and when to access your savings. Or you can seek professional help from an independent financial adviser.
This will cost you money, but it could save you over the longer term if you get advice on the best option for you and don’t end up paying too much tax or falling prey to fraudsters.
You can find an IFA in your area via vouchedfor.co.uk or unbiased.co.uk.