Now, to make your progress go as fast as possible, you need to start learning some small (and large) behavior changes that will ensure you are successful in reaching your goal of becoming debt free.
Below, we’ve gathered some of the best resources, tools, and tips available to help you learn all you need to know about saving money, making more money, paying off your debt, and securing your financial future.
So let's get started…
1. Transfer your credit card balance to a low-rate card. But only under certain circumstances. A zero percent teaser offer can be a good option if you plan to pay off your balance completely and you don’t charge anything else on the card. However, make sure that the lender is not charging any balance transfer fees, and beware: Terms can be changed at any time.
2. Negotiate a lower rate. It’s possible if you have good credit.
3. Close unused cards. If you never use a credit card, close the account and cut up the card to discourage identity theft. Make sure to get rid of newer cards first; a lengthy credit history with a single lender helps to improve your credit score.
4. Visit http://MortgageReductionTips.com The video on that site shows you how to pay off your mortgage in half the time.
5. Contact a authorised financial planner to discuss your situation and options. They are trained to provide advice for prudent money management. Our team is here to help you anytime you need help: 0800 332 827
6. Consider refinancing. If you have an floating-rate mortgage, consider fixing a portion of your mortgage if a lower rate is possible.
7. If you’re in danger of bankruptcy, research your alternatives. You may be tempted to cut your losses and move on, but call us (0800 332 827) to research your other options.
8. Consider switching all high interest short term debt to being part of a secured mortgage. This way your interest rate will plummet and if you keep the payments the same that debt will be gone in no time.
9. If you can’t do point 8, switch all short term debt to an unsecured loan. It will be in one loan and much more manageable. You may also get a slighter cheaper rate by putting it all together.
10. Limit yourself to one or two cards. Every new credit card application results in a credit-report inquiry, which causes your credit score to drop by as many as five points.
11. Write out a strict budget and stick to it. It sounds like a no-brainer, but the best way to improve your credit score is to cut unnecessary spending and redirect extra income to start paying off debt.
12. Stop Eating Out. Eating out costs more than buying food and cooking at home, not to mention that the latter option is much healthier as well. Make cooking dinner a family activity, something that can be done to together to make the experience more enjoyable — and when you're done cooking, sit down and have dinner together, discuss the day's events and catch up. Having dinner parties at home is also a way to cut down on entertainment with friends.
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