If you have credit card debt, the interest could set you back by hundreds of pounds. The average Brit owes £2,586 on plastic, according to The Money Charity. Based on a typical 17.95% rate and paying £100 a month, you’ll pay £638 in interest a year.
DO IT NOW!
◆ Slash this cost by moving your credit card debt to a 0% interest deal, where you don’t have to pay interest on your monthly payments. You may have to pay a balance transfer fee, typically around 1.95%, but you’ll still save £588. ◆ Make sure you keep up repayments – miss just one and you’ll lose the 0% offer
and be slapped with a hefty late payments penalty. ◆ Don’t use the card to make purchases: only use it to clear your debt. ◆ Low credit rating? You might not be able to secure a 0% deal. In that case, shop around to get the lowest and longest possible interest rate for a credit card – try looking at comparethemarket.com.