Lowering interest costs will help free up more money to pay off your other debts.
Keep in mind though there are some debts that are realistic - for example, a mortgage.
A Mortgage is a long term debt to help finance the purchase of your home, leaving you with a financial asset when it is paid off.
Everywhere you turn it seems credit is being offered, credit card offers in the mail, at the supermarket and "Buy Now - Pay Later" incentives. If you're choosing a credit card for a rewards program, for example to take that free flight, make sure the benefit is greater than the annual fee.
In most cases, that’s more than enough time to get a handle on your debt.
Cons: There might be some balance transfer cards that come with a small transfer fee.
If you're feeling like your level of debt isn't where you want it to be, and you're committed to paying it down, a debt consolidation loan can be a great way to take back the control you're missing.
A debt consolidation loan allows you to combine different debts into one loan.
If you are feeling overwhelmed with debt, or just need a helping hand to learn how to manage debt we are here to help. Tara - Branch Manager Many of us have debt in a number of different places.
There's credit cards, store cards, car loans and lines of credit...